Wells Fargo & Company Raises Cadence Design Systems (NASDAQ:CDNS) Price Target to $350.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective raised by research analysts at Wells Fargo & Company from $330.00 to $350.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 16.06% from the company’s current price.

Several other equities analysts also recently weighed in on CDNS. KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Piper Sandler initiated coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price on the stock. Rosenblatt Securities downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Finally, Robert W. Baird lifted their target price on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 13th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Stock Down 1.4 %

Shares of NASDAQ CDNS opened at $301.56 on Tuesday. The company’s 50-day simple moving average is $306.57 and its 200-day simple moving average is $278.78. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The firm has a market cap of $82.10 billion, a price-to-earnings ratio of 78.94, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm posted $0.75 earnings per share. Equities analysts predict that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Insiders sold a total of 212,044 shares of company stock worth $63,106,522 over the last three months. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Norges Bank purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $770,945,000. Alliancebernstein L.P. boosted its stake in Cadence Design Systems by 620.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock worth $474,579,000 after purchasing an additional 2,543,966 shares during the period. Moneta Group Investment Advisors LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth $227,854,000. Nordea Investment Management AB lifted its stake in shares of Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock worth $515,995,000 after acquiring an additional 1,052,228 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after acquiring an additional 962,987 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.