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

Research analysts at Wells Fargo & Company assumed 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 price objective indicates a potential upside of 14.24% from the company’s previous close.

CDNS has been the subject of several other reports. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective for the company. Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC decreased their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Finally, Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Price Performance

CDNS stock opened at $306.39 on Friday. The firm has a 50 day moving average of $277.72 and a 200-day moving average of $283.44. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a market cap of $84.03 billion, a price-to-earnings ratio of 80.42, a PEG ratio of 4.07 and a beta of 1.02.

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

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $413,970.00. Following the completion of the transaction, the director now owns 43,551 shares in the company, valued at approximately $12,019,204.98. This represents a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Swedbank AB bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $439,988,000. Principal Financial Group Inc. boosted its holdings in shares of Cadence Design Systems by 280.1% in the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock valued at $467,676,000 after acquiring an additional 1,119,824 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 26.1% in the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Meridiem Investment Management Ltd. bought a new position in shares of Cadence Design Systems in the third quarter valued at approximately $129,285,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. 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.