Cadence Design Systems (NASDAQ:CDNS) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Cadence Design Systems (NASDAQ:CDNS) had its price target upped by equities researchers at Wells Fargo & Company from $350.00 to $365.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 13.51% from the company’s current price.

Several other brokerages have also recently weighed in on CDNS. Bank of America boosted their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Piper Sandler upped their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Loop Capital dropped their price target on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Mizuho increased their target price on shares of Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average price target of $325.23.

Cadence Design Systems Stock Up 0.9%

Cadence Design Systems stock opened at $321.56 on Friday. The stock has a market cap of $87.80 billion, a PE ratio of 83.31, a price-to-earnings-growth ratio of 3.88 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The stock has a fifty day moving average of $272.16 and a 200 day moving average of $286.52. Cadence Design Systems has a one year low of $221.56 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.50 by $0.07. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the company earned $1.17 earnings per share. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of the business’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the transaction, the director now owns 7,411 shares of the company’s stock, valued at $2,038,025. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Anirudh Devgan sold 10,737 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total transaction of $3,328,470.00. Following the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,577 shares of company stock valued at $5,316,411 in the last ninety days. Company insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CDNS. Principal Financial Group Inc. boosted its position in Cadence Design Systems by 10.7% during the fourth quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker’s stock worth $672,300,000 after acquiring an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. grew its holdings in Cadence Design Systems by 50.1% in the 4th quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker’s stock valued at $1,589,000 after buying an additional 1,766 shares in the last quarter. Meridiem Investment Management Ltd. increased its stake in shares of Cadence Design Systems by 64.3% in the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker’s stock worth $235,625,000 after acquiring an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker’s stock worth $41,850,000 after acquiring an additional 79,268 shares during the period. Finally, Avanza Fonder AB purchased a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $6,046,000. 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.