Cadence Design Systems (NASDAQ:CDNS) Given New $330.00 Price Target at Wells Fargo & Company

Cadence Design Systems (NASDAQ:CDNSFree Report) had its price target increased by Wells Fargo & Company from $310.00 to $330.00 in a research report report published on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the software maker’s stock.

CDNS has been the topic of a number of other research reports. Morgan Stanley began coverage on shares of Cadence Design Systems in a research note on Friday, November 10th. They set an equal weight rating and a $260.00 price objective on the stock. Rosenblatt Securities increased their target price on shares of Cadence Design Systems from $250.00 to $265.00 and gave the stock a buy rating in a research note on Thursday, October 19th. Needham & Company LLC reaffirmed a buy rating and issued a $268.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 24th. Bank of America raised their price objective on Cadence Design Systems from $285.00 to $305.00 in a report on Tuesday, October 10th. Finally, KeyCorp upped their target price on Cadence Design Systems from $290.00 to $325.00 and gave the stock an overweight rating in a research note on Monday. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of Moderate Buy and a consensus price target of $282.22.

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Cadence Design Systems Trading Down 1.3 %

Shares of NASDAQ:CDNS opened at $292.80 on Tuesday. Cadence Design Systems has a 52-week low of $183.26 and a 52-week high of $301.61. The company has a quick ratio of 1.31, a current ratio of 1.44 and a debt-to-equity ratio of 0.21. The stock has a market cap of $79.66 billion, a price-to-earnings ratio of 83.42, a PEG ratio of 3.60 and a beta of 1.07. The business has a 50-day moving average price of $275.24 and a 200-day moving average price of $253.44.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 6,000 shares of the business’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $275.00, for a total transaction of $1,650,000.00. Following the transaction, the director now owns 60,683 shares of the company’s stock, valued at $16,687,825. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Karna Nisewaner sold 700 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $272.85, for a total transaction of $190,995.00. Following the sale, the vice president now owns 19,609 shares of the company’s stock, valued at approximately $5,350,315.65. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $275.00, for a total value of $1,650,000.00. Following the completion of the transaction, the director now owns 60,683 shares in the company, valued at $16,687,825. The disclosure for this sale can be found here. Insiders sold 68,678 shares of company stock worth $18,960,423 over the last ninety days. Corporate insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several large investors have recently modified their holdings of CDNS. Valley National Advisers Inc. lifted its position in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. VisionPoint Advisory Group LLC acquired a new stake in Cadence Design Systems in the 2nd quarter valued at approximately $27,000. OFI Invest Asset Management purchased a new stake in Cadence Design Systems in the third quarter valued at approximately $26,000. Finally, Atlas Capital Advisors LLC lifted its stake in Cadence Design Systems by 322.6% during the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 83.95% of the company’s stock.

Cadence Design Systems Company Profile

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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.

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