Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $350.00

Cadence Design Systems (NASDAQ:CDNS) had its price target boosted by Wells Fargo & Company from $330.00 to $350.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 19.17% from the stock’s previous close.

CDNS has been the subject of several other reports. Robert W. Baird raised their target price 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. 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 price target for the company. Stifel Nicolaus lifted their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. Finally, Rosenblatt Securities lowered Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their price target for the company from $265.00 to $280.00 in a research note on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $316.10.

Cadence Design Systems Trading Down 2.4 %

Shares of CDNS stock opened at $293.71 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 1 year low of $194.01 and a 1 year high of $327.36. The firm’s fifty day simple moving average is $306.58 and its 200 day simple moving average is $279.35. The firm has a market capitalization of $79.96 billion, a P/E ratio of 76.89, a price-to-earnings-growth ratio of 3.66 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 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 during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the business earned $0.75 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Design Systems will post 4.82 EPS for the current year.

Insider Transactions at Cadence Design Systems

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 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 Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the sale, the director now owns 54,683 shares of the company’s stock, valued at approximately $16,404,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated 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 owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 in the last three months. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Hedge funds have recently modified their holdings of the stock. Cibc World Market Inc. boosted its position in Cadence Design Systems by 2.7% in the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after buying an additional 571 shares during the last quarter. Prudential PLC bought a new position in Cadence Design Systems in the first quarter valued at about $1,160,000. Loomis Sayles & Co. L P increased its position in Cadence Design Systems by 1,030.1% in the first quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after purchasing an additional 2,534 shares during the period. Zions Bancorporation N.A. raised its holdings in Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in Cadence Design Systems by 26.8% during the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after purchasing an additional 3,433 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.