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Cadence Design Systems clipped by downgrade

Shares of Cadence Design Systems Inc. (NYSE: CDN) shaved off 7/8, or 6 percent, to 12 15/16 Monday after BancBoston Robertson Stephens cut the stock from a long-term "attractive" rating to "market perform."

Hambrecht & Quist started coverage of the software developer with a "market perform" rating as well.

The stock was zipping along at 34 3/8 in January before falling to a low of 10 5/8 in May.

First Call consensus expects it to earn 23 cents a share in its second quarter and $1.17 a share in the fiscal year.

Last quarter, it pocketed $1 million, or 5 cents a share, on sales of $29.9 million.

Eleven of the 13 analysts following the stock rate it a "hold."