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

Cadence Design Systems (NASDAQ:CDNS - Free Report) had its price target lowered by Bank of America from $365.00 to $350.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the software maker's stock.

A number of other equities analysts also recently weighed in on CDNS. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a research note on Wednesday. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an "overweight" rating and a $350.00 target price for the company. StockNews.com downgraded shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus price target of $326.92.

Cadence Design Systems Trading Down 4.4 %

CDNS stock traded down $11.96 during trading on Wednesday, reaching $258.27. The company had a trading volume of 4,346,481 shares, compared to its average volume of 1,821,239. Cadence Design Systems has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a market cap of $70.83 billion, a P/E ratio of 66.91, a PEG ratio of 3.17 and a beta of 1.03. The business has a 50 day moving average of $301.51 and a 200 day moving average of $286.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.93 and a quick ratio of 2.27.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released 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 return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. As a group, sell-side analysts forecast that Cadence Design Systems will post 5.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Paul Scannell sold 3,171 shares of the firm's stock in a transaction that occurred on 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 sale, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC boosted its stake in shares of Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock worth $98,000 after acquiring an additional 36 shares during the last quarter. Accredited Investors Inc. boosted its stake in shares of Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker's stock worth $654,000 after acquiring an additional 36 shares during the last quarter. Principal Street Partners LLC boosted its stake in shares of Cadence Design Systems by 2.6% during the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker's stock worth $437,000 after acquiring an additional 37 shares during the last quarter. Lindbrook Capital LLC boosted its stake in shares of Cadence Design Systems by 1.7% during the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker's stock worth $670,000 after acquiring an additional 38 shares during the last quarter. Finally, Oarsman Capital Inc. boosted its stake in shares of Cadence Design Systems by 3.8% during the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker's stock worth $313,000 after acquiring an additional 38 shares during the last quarter. Hedge funds and other 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.