Wells Fargo & Company MN Sells 74,193 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wells Fargo & Company MN decreased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 548,385 shares of the software maker's stock after selling 74,193 shares during the quarter. Wells Fargo & Company MN owned about 0.20% of Cadence Design Systems worth $164,768,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Orion Investment Co raised its stake in Cadence Design Systems by 33.7% during the 4th quarter. Orion Investment Co now owns 9,500 shares of the software maker's stock worth $2,854,000 after buying an additional 2,396 shares during the period. Prudential PLC increased its holdings in shares of Cadence Design Systems by 53.5% during the fourth quarter. Prudential PLC now owns 28,553 shares of the software maker's stock valued at $8,579,000 after acquiring an additional 9,950 shares in the last quarter. DF Dent & Co. Inc. raised its position in shares of Cadence Design Systems by 64.8% during the fourth quarter. DF Dent & Co. Inc. now owns 322,917 shares of the software maker's stock worth $97,024,000 after purchasing an additional 127,000 shares during the period. Spahn Wealth & Retirement LLC bought a new position in shares of Cadence Design Systems in the 4th quarter worth $2,976,000. Finally, Arete Wealth Advisors LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at $222,000. Institutional investors own 84.85% of the company's stock.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now owns 58,773 shares of the company's stock, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 1,950 shares of company stock valued at $518,499 in the last three months. Company insiders own 1.99% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Redburn Atlantic started coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. Loop Capital dropped their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research report on Wednesday, February 19th. Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating on the stock in a report on Thursday, February 20th. Finally, Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems presently has an average rating of "Moderate Buy" and a consensus target price of $324.83.

Cadence Design Systems Stock Performance

CDNS stock traded up $5.45 during midday trading on Friday, hitting $259.47. The company's stock had a trading volume of 1,647,475 shares, compared to its average volume of 1,945,361. The stock has a market cap of $71.18 billion, a price-to-earnings ratio of 67.22, a PEG ratio of 3.88 and a beta of 1.14. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock's 50-day moving average price is $261.43 and its 200 day moving average price is $282.45. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts' consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.35 billion. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Cadence Design Systems Company Profile

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.