Bank of America Has Lowered Expectations for Cadence Design Systems (NASDAQ:CDNS) Stock Price

Cadence Design Systems (NASDAQ:CDNS) had its price objective lowered by investment analysts at Bank of America from $365.00 to $350.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Bank of America‘s price objective suggests a potential upside of 29.44% from the stock’s previous close.

CDNS has been the topic of a number of other reports. Mizuho upped their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. 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 target price on the stock. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Company began coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target for the company. Finally, Rosenblatt Securities raised their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a report on Wednesday. One equities research 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Trading Down 1.3 %

CDNS opened at $270.39 on Wednesday. The stock has a 50-day moving average of $302.27 and a 200 day moving average of $287.07. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99. The firm has a market cap of $74.16 billion, a P/E ratio of 70.05, a P/E/G ratio of 3.48 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results 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 company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Cadence Design Systems had a return on equity of 30.20% and a net margin of 22.74%. As a group, research analysts forecast that Cadence Design Systems will post 5.57 EPS for the current year.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now directly owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock worth $33,538,875 in the last three months. 1.99% of the stock is owned by insiders.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. Swedbank AB increased its position in Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares in the last quarter. Venture Visionary Partners LLC grew its stake in shares of Cadence Design Systems by 2.5% during the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after acquiring an additional 41 shares during the last quarter. Leo Wealth LLC increased its holdings in shares of Cadence Design Systems by 6.6% during the third quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock valued at $211,000 after acquiring an additional 48 shares in the last quarter. BLB&B Advisors LLC raised its position in shares of Cadence Design Systems by 4.5% in the 3rd quarter. BLB&B Advisors LLC now owns 49,309 shares of the software maker’s stock valued at $13,364,000 after purchasing an additional 2,138 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in shares of Cadence Design Systems by 31.2% in the 3rd quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock valued at $2,800,000 after purchasing an additional 2,457 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

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.