Fintel reports that on November 22, 2024, Wells Fargo initiated coverage of Cadence Design Systems (NasdaqGS:CDNS) with a Overweight recommendation.
Analyst Price Forecast Suggests 2.78% Upside
As of November 21, 2024, the average one-year price target for Cadence Design Systems is $320.54/share. The forecasts range from a low of $227.25 to a high of $378.00. The average price target represents an increase of 2.78% from its latest reported closing price of $311.86 / share.
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The projected annual revenue for Cadence Design Systems is 4,334MM, a decrease of 0.46%. The projected annual non-GAAP EPS is 5.39.
What is the Fund Sentiment?
There are 2,306 funds or institutions reporting positions in Cadence Design Systems. This is an decrease of 58 owner(s) or 2.45% in the last quarter. Average portfolio weight of all funds dedicated to CDNS is 0.42%, an increase of 7.37%. Total shares owned by institutions increased in the last three months by 1.05% to 277,738K shares. 
The put/call ratio of CDNS is 0.95, indicating a bullish outlook.
What are Other Shareholders Doing?
BlackRock holds 30,098K shares representing 10.97% ownership of the company.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,595K shares representing 3.13% ownership of the company. In its prior filing, the firm reported owning 8,561K shares , representing an increase of 0.40%. The firm decreased its portfolio allocation in CDNS by 3.48% over the last quarter.
Massachusetts Financial Services holds 7,881K shares representing 2.87% ownership of the company. In its prior filing, the firm reported owning 9,455K shares , representing a decrease of 19.97%. The firm decreased its portfolio allocation in CDNS by 88.99% over the last quarter.
Jennison Associates holds 7,606K shares representing 2.77% ownership of the company. In its prior filing, the firm reported owning 7,408K shares , representing an increase of 2.61%. The firm decreased its portfolio allocation in CDNS by 53.11% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 6,985K shares representing 2.55% ownership of the company. In its prior filing, the firm reported owning 6,856K shares , representing an increase of 1.84%. The firm decreased its portfolio allocation in CDNS by 4.66% over the last quarter.
Cadence Design Systems Background Information
(This description is provided by the company.)
Cadence Design Systems Inc. is a pivotal leader in electronic design, building upon more than 30 years of computational software expertise. The company applies its underlying Intelligent System Design strategy to deliver software, hardware and IP that turn design concepts into reality. Cadence customers are the world's most innovative companies, delivering extraordinary electronic products from chips to boards to systems for the most dynamic market applications, including consumer, hyperscale computing, 5G communications, automotive, mobile, aerospace, industrial and healthcare. For six years in a row, Fortune magazine has named Cadence one of the 100 Best Companies to Work For.
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This story originally appeared on Fintel.
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