Wells Fargo & Company Forecasts Strong Price Appreciation for Cadence Design Systems (NASDAQ:CDNS) Stock

Cadence Design Systems (NASDAQ:CDNS) had its price objective lifted by equities researchers at Wells Fargo & Company from $365.00 to $405.00 in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 9.16% from the company’s previous close.

CDNS has been the topic of a number of other reports. Stifel Nicolaus boosted their target price on Cadence Design Systems from $350.00 to $395.00 and gave the stock a “buy” rating in a report on Tuesday. Loop Capital upped their price objective on Cadence Design Systems from $340.00 to $370.00 and gave the company a “buy” rating in a report on Monday, July 14th. Robert W. Baird upped their price objective on Cadence Design Systems from $340.00 to $380.00 and gave the company an “outperform” rating in a report on Monday. Piper Sandler reaffirmed a “neutral” rating and issued a $355.00 price objective (up from $328.00) on shares of Cadence Design Systems in a report on Tuesday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $300.00 price objective on shares of Cadence Design Systems in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $359.00.

Cadence Design Systems Stock Up 1.3%

CDNS stock opened at $371.03 on Tuesday. The company has a current ratio of 2.82, a quick ratio of 2.90 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $101.31 billion, a PE ratio of 100.28, a PEG ratio of 5.09 and a beta of 0.99. Cadence Design Systems has a 1-year low of $221.56 and a 1-year high of $374.05. The business’s 50 day simple moving average is $311.64 and its 200 day simple moving average is $289.87.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, July 28th. The software maker reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.25 billion. Cadence Design Systems had a return on equity of 29.65% and a net margin of 19.88%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.28 EPS. As a group, research analysts anticipate that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Buying and Selling

In other news, Director Ita M. Brennan sold 180 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $304.00, for a total transaction of $54,720.00. Following the sale, the director directly owned 8,010 shares of the company’s stock, valued at approximately $2,435,040. This represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $306.35, for a total value of $306,350.00. Following the sale, the vice president directly owned 105,499 shares in the company, valued at approximately $32,319,618.65. This trade 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 sold 14,435 shares of company stock valued at $4,455,137. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several large investors have recently bought and sold shares of CDNS. GAMMA Investing LLC boosted its stake in Cadence Design Systems by 31,049.1% in the first quarter. GAMMA Investing LLC now owns 1,218,241 shares of the software maker’s stock valued at $309,835,000 after buying an additional 1,214,330 shares in the last quarter. Nuveen LLC acquired a new stake in Cadence Design Systems in the first quarter valued at about $289,744,000. Jennison Associates LLC boosted its stake in Cadence Design Systems by 13.2% in the first quarter. Jennison Associates LLC now owns 9,064,953 shares of the software maker’s stock valued at $2,305,489,000 after buying an additional 1,054,702 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Cadence Design Systems by 466.4% in the second quarter. Assenagon Asset Management S.A. now owns 786,849 shares of the software maker’s stock valued at $242,468,000 after buying an additional 647,931 shares in the last quarter. Finally, FMR LLC boosted its stake in Cadence Design Systems by 8.7% in the fourth quarter. FMR LLC now owns 7,978,652 shares of the software maker’s stock valued at $2,397,266,000 after buying an additional 639,146 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

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.