Cadence Design Systems (NASDAQ:CDNS) Sets New 1-Year Low - Time to Sell?

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) hit a new 52-week low on Monday . The stock traded as low as $233.17 and last traded at $234.20, with a volume of 435636 shares. The stock had previously closed at $243.21.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CDNS. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price objective for the company. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Loop Capital decreased their target price on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a research report on Wednesday, February 19th. Needham & Company LLC restated a "buy" rating and set a $325.00 target price on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Robert W. Baird reduced their price target on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $326.92.

Cadence Design Systems Stock Down 4.3 %

The stock's fifty day moving average is $288.68 and its two-hundred day moving average is $285.45. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27. The stock has a market capitalization of $63.78 billion, a P/E ratio of 60.18, a PEG ratio of 3.88 and a beta of 1.05.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the completion of the transaction, the vice president now directly owns 58,123 shares in the company, valued at $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,416 shares of company stock valued at $33,504,126. Insiders own 1.99% of the company's stock.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems during the 3rd quarter valued at $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems in the third quarter valued at about $28,000. Golden State Wealth Management LLC bought a new position in Cadence Design Systems during the fourth quarter valued at about $28,000. Ancora Advisors LLC lifted its position in shares of Cadence Design Systems by 1,400.0% in the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after acquiring an additional 112 shares during the period. Finally, Avalon Trust Co acquired a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds 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.

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