Wells Fargo Reaffirms Their Buy Rating on Cadence Design (CDNS)

In a report released on May 30, Joseph Quatrochi from Wells Fargo maintained a Buy rating on Cadence Design (CDNS – Research Report), with a price target of $365.00. The company’s shares closed last Friday at $287.07.

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Quatrochi covers the Technology sector, focusing on stocks such as Applied Materials, Cadence Design, and KLA. According to TipRanks, Quatrochi has an average return of 13.6% and a 55.00% success rate on recommended stocks.

Currently, the analyst consensus on Cadence Design is a Strong Buy with an average price target of $328.07, implying a 14.28% upside from current levels. In a report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $350.00 price target.

CDNS market cap is currently $78.38B and has a P/E ratio of 72.71.

Based on the recent corporate insider activity of 99 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CDNS in relation to earlier this year. Last month, James D. Plummer, a Director at CDNS sold 868.00 shares for a total of $277,707.92.