Cadence Design Systems (NASDAQ:CDNS) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research note released on Friday morning, MarketBeat reports. The firm issued an overweight rating and a $350.00 target price on the software maker’s stock.

CDNS has been the subject of a number of other research reports. Loop Capital assumed coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Needham & Company LLC lowered 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 report on Tuesday, October 29th. Mizuho started coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $311.87 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The firm’s 50-day moving average price is $278.58 and its 200-day moving average price is $283.62. The firm has a market capitalization of $85.53 billion, a P/E ratio of 81.86, a P/E/G ratio of 4.16 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results 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 net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The business’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the completion of the transaction, the vice president now owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 1.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This trade represents a 3.44 % 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. Company insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors have recently modified their holdings of the stock. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $27,000. ORG Partners LLC increased its position in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Cadence Design Systems during the 3rd quarter worth $28,000. Prestige Wealth Management Group LLC boosted its holdings in Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares in the last quarter. Finally, Chilton Capital Management LLC raised its position in shares of Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other 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.