StockNews.com Downgrades Cadence Design Systems (NASDAQ:CDNS) to Hold

StockNews.com cut shares of Cadence Design Systems (NASDAQ:CDNS - Free Report) from a buy rating to a hold rating in a research report sent to investors on Thursday.

Several other equities research analysts have also commented on CDNS. Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They issued a "buy" rating and a $360.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 price target for the company. Mizuho lifted their price target on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Redburn Atlantic assumed coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a "buy" rating and a $350.00 price target on the stock. Finally, Needham & Company LLC reduced their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $329.50.

Cadence Design Systems Stock Up 2.0 %

CDNS stock traded up $5.97 during mid-day trading on Thursday, reaching $305.65. 691,749 shares of the company traded hands, compared to its average volume of 1,475,603. The firm's 50 day moving average price is $304.59 and its 200 day moving average price is $285.16. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The stock has a market cap of $83.83 billion, a price-to-earnings ratio of 80.22, a P/E/G ratio of 3.50 and a beta of 1.03. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares of the company's stock, valued at approximately $17,180,523.36. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. The trade was a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,416 shares of company stock valued at $33,538,875. 1.99% of the stock is owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors have recently made changes to their positions in CDNS. Jensen Investment Management Inc. purchased a new position in shares of Cadence Design Systems during the 4th quarter worth $126,571,000. GLOBALT Investments LLC GA raised its holdings in Cadence Design Systems by 1.2% in the 4th quarter. GLOBALT Investments LLC GA now owns 11,917 shares of the software maker's stock worth $3,581,000 after purchasing an additional 142 shares during the period. Sovereign Investment Advisors LLC purchased a new position in Cadence Design Systems during the fourth quarter valued at $593,000. Harbour Investments Inc. grew its holdings in Cadence Design Systems by 33.0% during the fourth quarter. Harbour Investments Inc. now owns 238 shares of the software maker's stock valued at $72,000 after purchasing an additional 59 shares during the period. Finally, Corient Private Wealth LLC raised its stake in shares of Cadence Design Systems by 1.0% in the fourth quarter. Corient Private Wealth LLC now owns 167,313 shares of the software maker's stock worth $50,271,000 after buying an additional 1,691 shares during the period. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.