Cadence Design Systems (NASDAQ:CDNS) PT Raised to $350.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective raised by equities researchers at Wells Fargo & Company from $330.00 to $350.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 19.17% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday. Robert W. Baird upped their target price on Cadence Design Systems from $289.00 to $302.00 and gave the company an “outperform” rating in a research report on Tuesday, February 13th. StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, Stifel Nicolaus raised their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $316.10.

Cadence Design Systems Stock Down 2.4 %

NASDAQ CDNS opened at $293.71 on Tuesday. The stock has a market cap of $79.96 billion, a PE ratio of 76.89, a P/E/G ratio of 3.66 and a beta of 1.04. The business has a 50 day moving average price of $306.58 and a two-hundred day moving average price of $279.35. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the business earned $0.75 EPS. The business’s revenue was up 18.8% on a year-over-year basis. As a group, sell-side analysts predict that Cadence Design Systems will post 4.82 EPS for the current fiscal year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last three months, insiders sold 177,544 shares of company stock valued at $53,581,207. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CDNS. DekaBank Deutsche Girozentrale grew its holdings in Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after buying an additional 99,251 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth $934,000. Pacer Advisors Inc. increased its holdings in shares of Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock valued at $11,006,000 after purchasing an additional 3,484 shares during the period. Patton Fund Management Inc. bought a new stake in shares of Cadence Design Systems during the fourth quarter valued at about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in Cadence Design Systems in the fourth quarter worth about $55,443,000. 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.