Cadence Design Systems (NASDAQ:CDNS) Price Target Cut to $350.00 by Analysts at Bank of America

Cadence Design Systems (NASDAQ:CDNS) had its target price cut by equities research analysts at Bank of America from $365.00 to $350.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Bank of America‘s price objective indicates a potential upside of 16.50% from the company’s previous close.

CDNS has been the topic of a number of other reports. Robert W. Baird upped their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday. Rosenblatt Securities boosted their target price on shares of Cadence Design Systems from $280.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Finally, Mizuho boosted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $329.00.

Cadence Design Systems Price Performance

CDNS stock opened at $300.43 on Wednesday. The firm has a market cap of $82.40 billion, a P/E ratio of 78.85, a price-to-earnings-growth ratio of 3.41 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99. The stock has a 50-day simple moving average of $302.96 and a 200-day simple moving average of $287.16.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. On average, equities analysts predict that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the transaction, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s 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 sale, the chief executive officer now 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,416 shares of company stock valued at $33,538,875. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Swedbank AB boosted its stake in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after acquiring an additional 230,672 shares in the last quarter. Venture Visionary Partners LLC lifted its stake in 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 valued at $463,000 after buying an additional 41 shares in the last quarter. Leo Wealth LLC boosted its holdings in shares of Cadence Design Systems by 6.6% in the third quarter. Leo Wealth LLC now owns 780 shares of the software maker’s stock worth $211,000 after buying an additional 48 shares during the period. BLB&B Advisors LLC raised its holdings in shares of Cadence Design Systems by 4.5% during the third quarter. BLB&B Advisors LLC now owns 49,309 shares of the software maker’s stock valued at $13,364,000 after acquiring an additional 2,138 shares during the period. Finally, Private Advisor Group LLC raised its holdings in shares of Cadence Design Systems by 31.2% during the third quarter. Private Advisor Group LLC now owns 10,332 shares of the software maker’s stock valued at $2,800,000 after acquiring an additional 2,457 shares during the period. Institutional investors and hedge funds 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.