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

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

Several other research analysts have also weighed in on the stock. Rosenblatt Securities lowered shares of Cadence Design Systems from a buy rating to a neutral rating and upped their price objective for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. Morgan Stanley upgraded shares of Cadence Design Systems from an equal weight rating to an overweight rating and upped their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. KeyCorp upped their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research note on Monday, April 15th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Finally, StockNews.com upgraded shares of Cadence Design Systems from a hold rating to a buy rating in a research note on Tuesday, March 12th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Stock Down 2.0 %

CDNS stock opened at $280.25 on Tuesday. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The company’s 50 day simple moving average is $305.52 and its 200-day simple moving average is $279.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The firm has a market capitalization of $76.29 billion, a P/E ratio of 73.36, a P/E/G ratio of 3.57 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the previous year, the business earned $0.75 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems will post 4.82 EPS for the current year.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The disclosure for this sale can be found here. In the last three months, insiders sold 177,544 shares of company stock valued at $53,581,207. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Hedge funds have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale boosted its holdings in Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock valued at $91,775,000 after purchasing an additional 99,251 shares during the period. Miracle Mile Advisors LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at $934,000. Pacer Advisors Inc. boosted its holdings in Cadence Design Systems by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after purchasing an additional 3,484 shares during the period. Patton Fund Management Inc. acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at $55,443,000. 84.85% of the stock is 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.