Cadence Design Systems (NASDAQ:CDNS) Price Target Increased to $350.00 by Analysts at Wells Fargo & Company

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

Several other brokerages also recently commented on CDNS. Robert W. Baird increased their target price on Cadence Design Systems from $289.00 to $302.00 and gave the company an outperform rating in a research note on Tuesday, February 13th. Needham & Company LLC reiterated a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, March 6th. KeyCorp increased their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research note on Monday. Piper Sandler initiated coverage on 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. Finally, 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 note on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of Moderate Buy and an average price target of $318.10.

Cadence Design Systems Stock Performance

Cadence Design Systems 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. The company has a market capitalization of $77.83 billion, a P/E ratio of 74.84, a PEG ratio of 3.65 and a beta of 1.04. The stock’s 50 day moving average is $306.16 and its 200 day moving average is $279.39. Cadence Design Systems has a twelve month low of $194.01 and a twelve month high of $327.36.

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 company had revenue of $1.07 billion for 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 firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.75 EPS. On average, equities research analysts predict that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. 1.99% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently bought and sold shares of the stock. OFI Invest Asset Management bought a new stake in Cadence Design Systems during the third quarter valued at about $26,000. Valley National Advisers Inc. raised its holdings in 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 acquiring an additional 47 shares during the period. Harbour Investments Inc. raised its holdings in 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 acquiring an additional 39 shares during the period. Fortitude Family Office LLC bought a new stake in Cadence Design Systems during the fourth quarter valued at about $28,000. Finally, Quarry LP raised its holdings in 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 acquiring an additional 88 shares during the period. 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.