Wahed Invest LLC Raises Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Wahed Invest LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,799 shares of the software maker’s stock after acquiring an additional 179 shares during the quarter. Wahed Invest LLC’s holdings in Cadence Design Systems were worth $2,043,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 33.0% in the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock valued at $547,886,000 after purchasing an additional 501,833 shares during the last quarter. World Investment Advisors LLC lifted its stake in Cadence Design Systems by 656.3% in the third quarter. World Investment Advisors LLC now owns 7,457 shares of the software maker’s stock valued at $2,021,000 after buying an additional 6,471 shares during the last quarter. Arvest Bank Trust Division acquired a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $202,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Cadence Design Systems during the third quarter worth approximately $2,225,000. Finally, Tidal Investments LLC grew its position in shares of Cadence Design Systems by 5.5% during the third quarter. Tidal Investments LLC now owns 25,173 shares of the software maker’s stock worth $6,823,000 after acquiring an additional 1,317 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on CDNS. Loop Capital decreased their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. Bank of America increased their target price on shares of Cadence Design Systems from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday. Mizuho boosted their price target on Cadence Design Systems from $300.00 to $325.00 and gave the company an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. Finally, Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $322.54.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $299.73 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a one year low of $221.56 and a one year high of $328.99. The company has a market cap of $82.22 billion, a P/E ratio of 77.65, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. The business has a fifty day moving average of $257.13 and a two-hundred day moving average of $282.53.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.07. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the firm earned $1.17 earnings per share. The firm’s revenue was up 23.1% on a year-over-year basis. As a group, analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $275.00, for a total value of $49,500.00. Following the sale, the director now owns 7,411 shares of the company’s stock, valued at $2,038,025. This represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s 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 transaction, the vice president now directly owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,840 shares of company stock valued at $1,980,999 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

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.