Wells Fargo & Company Begins Coverage on Cadence Design Systems (NASDAQ:CDNS)

Wells Fargo & Company assumed coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report issued on Friday, MarketBeat reports. The brokerage set an “overweight” rating and a $350.00 price target on the software maker’s stock. Wells Fargo & Company‘s price target points to a potential upside of 12.23% from the stock’s previous close.

A number of other brokerages have also weighed in on CDNS. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. 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 target for the company. Robert W. Baird lifted 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 note on Tuesday, October 29th. Berenberg Bank started 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 on the stock. Finally, Mizuho initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. One equities research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Stock Up 1.7 %

Shares of NASDAQ:CDNS opened at $311.87 on Friday. The company has a 50 day moving average of $278.58 and a two-hundred day moving average of $283.62. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $85.53 billion, a price-to-earnings ratio of 81.86, a price-to-earnings-growth ratio of 4.16 and a beta of 1.02.

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

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock worth $4,217,635 in the last ninety days. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors have recently made changes to their positions in the company. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems in the 3rd quarter worth approximately $27,000. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Cadence Design Systems in the 3rd quarter valued at $28,000. Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% in the 3rd 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 during the period. Finally, Chilton Capital Management LLC lifted its position in Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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.