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 lifted by Wells Fargo & Company from $330.00 to $350.00 in a report published on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the software maker’s stock.

CDNS has been the topic of several other reports. KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research note on Monday. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $289.00 to $302.00 and gave the company an outperform rating in a report on Tuesday, February 13th. Stifel Nicolaus increased 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. Piper Sandler started coverage on shares of 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, Needham & Company LLC reiterated a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a research note on Wednesday, March 6th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $316.10.

Cadence Design Systems Price Performance

CDNS stock opened at $300.81 on Tuesday. The company’s 50-day moving average price is $306.73 and its two-hundred day moving average price is $279.25. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. 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 firm has a market cap of $81.89 billion, a P/E ratio of 78.75, a P/E/G ratio of 3.72 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 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 analysts’ expectations of $1.06 billion. During the same period last year, the firm posted $0.75 earnings per share. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, analysts anticipate that Cadence Design Systems will post 4.82 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 36,000 shares of the firm’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the completion of the transaction, the chief financial officer now directly owns 80,594 shares of the company’s stock, valued at approximately $22,361,611.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, CFO John M. Wall sold 36,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 18th. The shares were sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the completion of the transaction, the chief financial officer now owns 80,594 shares in the company, valued at approximately $22,361,611.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,044 shares of company stock worth $63,106,522. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several large investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust increased its stake in Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after purchasing an additional 38 shares in the last quarter. Highview Capital Management LLC DE increased its position in Cadence Design Systems by 0.8% in the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after buying an additional 39 shares in the last quarter. Fiduciary Trust Co raised its stake in Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares during the period. Harbour Investments Inc. boosted its holdings in Cadence Design Systems by 66.1% in the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock worth $27,000 after acquiring an additional 39 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC grew its stake in Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after acquiring an additional 41 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.