Cadence Design Systems (NASDAQ:CDNS) Now Covered by 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.com reports. The brokerage issued an overweight rating and a $350.00 target price on the software maker’s stock.

A number of other research firms have also recently weighed in on CDNS. Oppenheimer initiated 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 objective for the company. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Finally, Mizuho started coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $326.00.

Cadence Design Systems Stock Performance

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

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.01 earnings per share. Analysts forecast that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This trade represents a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on 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 directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,634 shares of company stock valued at $4,217,635. Insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Park National Corp OH increased its holdings in shares of Cadence Design Systems by 19.8% in the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock valued at $41,931,000 after purchasing an additional 22,537 shares in the last quarter. Industrial Alliance Investment Management Inc. grew its position in Cadence Design Systems by 83.4% in the first quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock valued at $1,402,000 after purchasing an additional 2,048 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Cadence Design Systems by 48.3% in 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 buying an additional 310,250 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Cadence Design Systems by 88.4% during the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock worth $16,625,000 after acquiring an additional 25,347 shares during the period. Finally, Teamwork Financial Advisors LLC raised its holdings in Cadence Design Systems by 19.4% in the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after acquiring an additional 2,136 shares during the period. 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.