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

Cadence Design Systems (NASDAQ:CDNS) had its target price boosted by Wells Fargo & Company from $350.00 to $365.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Several other brokerages also recently weighed in on CDNS. Oppenheimer decreased their target price on Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. Rosenblatt Securities upped their target price on Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 29th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $325.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Finally, Mizuho upped their target price on Cadence Design Systems from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Cadence Design Systems Price Performance

CDNS stock opened at $321.56 on Friday. The stock has a 50-day moving average price of $272.16 and a two-hundred day moving average price of $286.55. Cadence Design Systems has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company 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.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems will post 5.41 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 10,737 shares of the 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 transaction, the chief executive officer now owns 209,548 shares of the company’s stock, valued at $64,959,880. This trade represents a 4.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now directly owns 58,123 shares in the company, valued at approximately $14,689,425.79. This represents a 1.11% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,577 shares of company stock valued at $5,316,411. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Empowered Funds LLC lifted its holdings in Cadence Design Systems by 2.5% during the 1st quarter. Empowered Funds LLC now owns 15,076 shares of the software maker’s stock worth $3,834,000 after buying an additional 368 shares during the last quarter. MBB Public Markets I LLC bought a new position in Cadence Design Systems during the 1st quarter worth approximately $312,000. Ascent Group LLC raised its position in shares of Cadence Design Systems by 17.7% during the 1st quarter. Ascent Group LLC now owns 1,398 shares of the software maker’s stock worth $356,000 after purchasing an additional 210 shares during the period. Coppell Advisory Solutions LLC lifted its holdings in shares of Cadence Design Systems by 776.4% in the 1st quarter. Coppell Advisory Solutions LLC now owns 2,156 shares of the software maker’s stock worth $548,000 after purchasing an additional 1,910 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in shares of Cadence Design Systems in the 1st quarter worth approximately $1,635,000. Institutional investors own 84.85% of the company’s stock.

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.