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

Analysts at Wells Fargo & Company started coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a research report issued on Friday, MarketBeat.com 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 would indicate a potential upside of 12.23% from the company’s current price.

A number of other research firms also recently weighed in on CDNS. 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 on the stock. Needham & Company LLC cut their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Robert W. Baird upped their price objective 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. Finally, Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Price Performance

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

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during 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 quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. Analysts expect that Cadence Design Systems will post 4.75 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the transaction, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This trade represents a 1.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Karna Nisewaner sold 659 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total value of $181,870.82. Following the sale, the senior vice president now owns 16,029 shares in the company, valued at approximately $4,423,683.42. This represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock valued at $4,217,635 in the last quarter. 1.99% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

Hedge funds have recently modified their holdings of the stock. Advisory Resource Group boosted its holdings in Cadence Design Systems by 20.9% in the 3rd quarter. Advisory Resource Group now owns 3,721 shares of the software maker’s stock valued at $1,009,000 after purchasing an additional 643 shares during the period. M&T Bank Corp grew its stake in Cadence Design Systems by 78.5% during the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock worth $9,546,000 after buying an additional 15,491 shares in the last quarter. Unigestion Holding SA bought a new position in Cadence Design Systems in the 3rd quarter valued at about $589,000. TCW Group Inc. raised its position in shares of Cadence Design Systems by 77.5% in the 3rd quarter. TCW Group Inc. now owns 463,988 shares of the software maker’s stock valued at $125,755,000 after buying an additional 202,578 shares in the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in shares of Cadence Design Systems by 5.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 17,476 shares of the software maker’s stock worth $4,737,000 after acquiring an additional 831 shares during the period. Institutional investors and hedge funds 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.