Wahed Invest LLC Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wahed Invest LLC lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,799 shares of the software maker’s stock after purchasing an additional 179 shares during the period. Wahed Invest LLC’s holdings in Cadence Design Systems were worth $2,043,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CDNS. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth approximately $28,000. Avalon Trust Co purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $39,000. Versant Capital Management Inc raised its position in shares of Cadence Design Systems by 164.2% in the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after buying an additional 87 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Cadence Design Systems in the fourth quarter worth about $46,000. Finally, Synergy Investment Management LLC acquired a new position in Cadence Design Systems during the fourth quarter worth about $50,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CDNS shares. Rosenblatt Securities raised their target price on shares of Cadence Design Systems from $295.00 to $300.00 and gave the stock a “neutral” rating in a research note on Tuesday. Loop Capital lowered their price objective on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, February 19th. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $300.00 to $325.00 in a research note on Thursday, April 24th. Needham & Company LLC reissued a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a report on Tuesday. Finally, Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $322.54.

Cadence Design Systems Trading Up 0.7 %

CDNS opened at $299.73 on Friday. Cadence Design Systems, Inc. has a 52 week low of $221.56 and a 52 week high of $328.99. 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 business has a fifty day simple moving average of $257.13 and a 200-day simple moving average of $282.53. The firm has a market cap of $82.22 billion, a P/E ratio of 77.65, a P/E/G ratio of 3.88 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Cadence Design Systems’s revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 EPS. On average, equities analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $275.00, for a total transaction of $49,500.00. Following the sale, the director now directly owns 7,411 shares in the company, valued at approximately $2,038,025. This represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the transaction, the vice president now owns 58,123 shares of the company’s stock, valued at $14,689,425.79. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,840 shares of company stock worth $1,980,999 in the last quarter. 1.99% of the stock is owned by company insiders.

Cadence Design Systems 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.