Cadence Design Systems (NASDAQ:CDNS) Given New $405.00 Price Target at Wells Fargo & Company

Cadence Design Systems (NASDAQ:CDNS) had its price target lifted by Wells Fargo & Company from $365.00 to $405.00 in a research note released on Tuesday morning, MarketBeat Ratings reports. They currently have an overweight rating on the software maker’s stock.

Several other equities analysts have also recently weighed in on the company. Rosenblatt Securities reissued a “neutral” rating and set a $300.00 price objective on shares of Cadence Design Systems in a research report on Friday, July 25th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Wall Street Zen cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Sunday, July 20th. Loop Capital boosted their price objective on Cadence Design Systems from $340.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, July 14th. Finally, Mizuho upped their price target on Cadence Design Systems from $360.00 to $375.00 and gave the company an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $359.00.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $366.26 on Tuesday. Cadence Design Systems has a twelve month low of $221.56 and a twelve month high of $370.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.90 and a current ratio of 3.07. The stock has a market capitalization of $100.00 billion, a PE ratio of 98.99, a P/E/G ratio of 4.64 and a beta of 0.99. The stock has a 50-day simple moving average of $310.57 and a 200 day simple moving average of $289.31.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. Cadence Design Systems had a return on equity of 30.18% and a net margin of 19.88%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm earned $1.28 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. Research analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 10,737 shares of the company’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 value of $3,328,470.00. Following the sale, the chief executive officer directly owned 209,548 shares in the company, valued at approximately $64,959,880. This represents a 4.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $306.35, for a total value of $306,350.00. Following the completion of the sale, the vice president owned 105,499 shares in the company, valued at approximately $32,319,618.65. This represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,085 shares of company stock valued at $4,652,087. 0.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Cadence Design Systems by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 26,339,142 shares of the software maker’s stock valued at $6,698,834,000 after purchasing an additional 429,955 shares during the period. Jennison Associates LLC grew its position in Cadence Design Systems by 13.2% during the 1st quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock worth $2,305,489,000 after acquiring an additional 1,054,702 shares during the last quarter. FMR LLC grew its position in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Geode Capital Management LLC grew its position in Cadence Design Systems by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 6,021,405 shares of the software maker’s stock worth $1,806,019,000 after acquiring an additional 135,251 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Cadence Design Systems by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock worth $1,202,733,000 after acquiring an additional 312,757 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

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.