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

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

Several other equities analysts also recently commented on the company. Rosenblatt Securities downgraded Cadence Design Systems from a buy rating to a neutral rating and increased their target price for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. Stifel Nicolaus increased their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research report on Tuesday, February 13th. Robert W. Baird raised their price objective on Cadence Design Systems from $289.00 to $302.00 and gave the stock an outperform rating in a research report on Tuesday, February 13th. KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research report on Monday. Finally, Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and raised their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $318.10.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $285.90 on Tuesday. 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 has a twelve month low of $194.01 and a twelve month high of $327.36. The company has a market cap of $77.83 billion, a P/E ratio of 74.84, a P/E/G ratio of 3.65 and a beta of 1.04. The business has a fifty day simple moving average of $306.16 and a 200 day simple moving average of $279.39.

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

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was 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 of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock valued at $53,581,207 over the last 90 days. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of hedge funds have recently added to or reduced their stakes in CDNS. Harbour Investments Inc. boosted its position in shares of Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after buying an additional 39 shares during the last quarter. Valley National Advisers Inc. boosted its position in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at approximately $28,000. Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at approximately $32,000. Finally, Quarry LP boosted its position in shares of Cadence Design Systems by 550.0% during the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock valued at $28,000 after buying an additional 88 shares during the last quarter. 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.