Cadence Design Systems (NASDAQ:CDNS) Earns Overweight Rating from Analysts at Wells Fargo & Company

Research analysts at Wells Fargo & Company started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $350.00 price target on the software maker’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 14.24% from the company’s current price.

Other research analysts have also issued reports about the company. Robert W. Baird increased their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Loop Capital assumed coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

CDNS stock opened at $306.39 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The business has a 50 day simple moving average of $277.72 and a 200-day simple moving average of $283.44. The firm has a market capitalization of $84.03 billion, a PE ratio of 80.42, a price-to-earnings-growth ratio of 4.07 and a beta of 1.02. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 earnings per share. Equities research analysts anticipate that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now owns 16,029 shares of the company’s stock, valued at approximately $4,423,683.42. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp grew its holdings in shares of Cadence Design Systems by 0.5% during the third quarter. State Street Corp now owns 11,922,747 shares of the software maker’s stock worth $3,231,422,000 after buying an additional 60,490 shares during the last quarter. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 2.7% in the 3rd quarter. Jennison Associates LLC now owns 7,606,175 shares of the software maker’s stock valued at $2,061,502,000 after purchasing an additional 198,230 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Cadence Design Systems by 0.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,988,851 shares of the software maker’s stock valued at $1,081,098,000 after purchasing an additional 37,452 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Cadence Design Systems by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after purchasing an additional 43,654 shares in the last quarter. Hedge funds and other institutional investors 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.