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

Cadence Design Systems (NASDAQ:CDNS) had its price objective boosted by Wells Fargo & Company from $330.00 to $350.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Other research analysts also recently issued research reports about the company. Morgan Stanley raised Cadence Design Systems from an equal weight rating to an overweight rating and boosted their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. StockNews.com raised Cadence Design Systems from a hold rating to a buy rating in a research note on Tuesday, March 12th. Needham & Company LLC reissued a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Robert W. Baird boosted their target price on Cadence Design Systems from $289.00 to $302.00 and gave the stock an outperform rating in a research note on Tuesday, February 13th. Finally, Rosenblatt Securities downgraded Cadence Design Systems from a buy rating to a neutral rating and boosted their target price for the stock from $265.00 to $280.00 in a research note on Tuesday, February 13th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Trading Down 2.0 %

CDNS opened at $280.25 on Tuesday. Cadence Design Systems has a twelve month low of $194.01 and a twelve month high of $327.36. The company has a 50-day simple moving average of $305.52 and a 200 day simple moving average of $279.70. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $76.29 billion, a price-to-earnings ratio of 73.36, a P/E/G ratio of 3.57 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data 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. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business posted $0.75 earnings per share. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Analysts predict that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now directly owns 54,683 shares in the company, valued at $16,404,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total value of $1,350,000.00. Following the sale, the director now directly owns 54,683 shares in the company, valued at $16,404,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the company’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 value of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock worth $53,581,207 over the last ninety days. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after buying an additional 384,637 shares in the last quarter. State Street Corp boosted its holdings in shares of Cadence Design Systems by 3.1% during the 1st quarter. State Street Corp now owns 11,406,581 shares of the software maker’s stock worth $2,396,402,000 after buying an additional 344,518 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after buying an additional 564,085 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cadence Design Systems by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock worth $1,297,925,000 after buying an additional 103,213 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Cadence Design Systems in the 4th quarter worth $770,945,000. 84.85% of the stock is currently owned by institutional investors.

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.