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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Loop Capital dropped their price target on shares of 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. Finally, Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $326.92.

Cadence Design Systems Stock Performance

The company has a market capitalization of $64.21 billion, a PE ratio of 60.69, a PEG ratio of 3.88 and a beta of 1.05. The business’s 50-day moving average is $286.00 and its 200-day moving average is $284.88. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. On average, research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated 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 of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock valued at $33,504,126. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CDNS. Swedbank AB raised its holdings in shares of Cadence Design Systems by 15.1% during the third quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after purchasing an additional 230,672 shares during the last quarter. Impax Asset Management Group plc raised its holdings in shares of Cadence Design Systems by 20.9% during the third quarter. Impax Asset Management Group plc now owns 1,374,531 shares of the software maker’s stock valued at $371,719,000 after purchasing an additional 237,495 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 33.0% during the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the last quarter. Verdence Capital Advisors LLC purchased a new position in shares of Cadence Design Systems during the third quarter valued at approximately $413,000. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Cadence Design Systems during the third quarter valued at approximately $79,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.