Azzad Asset Management Inc. ADV Makes New $5.25 Million Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Azzad Asset Management Inc. ADV bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 20,648 shares of the software maker’s stock, valued at approximately $5,251,000. Cadence Design Systems comprises about 0.6% of Azzad Asset Management Inc. ADV’s holdings, making the stock its 24th biggest position.

Other hedge funds have also bought and sold shares of the company. Accredited Investors Inc. grew its holdings in Cadence Design Systems by 1.7% during the 4th quarter. Accredited Investors Inc. now owns 2,176 shares of the software maker’s stock worth $654,000 after acquiring an additional 36 shares in the last quarter. Principal Street Partners LLC raised its holdings in shares of Cadence Design Systems by 2.6% in the 4th quarter. Principal Street Partners LLC now owns 1,455 shares of the software maker’s stock valued at $437,000 after purchasing an additional 37 shares in the last quarter. Lindbrook Capital LLC raised its holdings in shares of Cadence Design Systems by 1.7% in the 4th quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares in the last quarter. Oarsman Capital Inc. raised its holdings in shares of Cadence Design Systems by 3.8% in the 4th quarter. Oarsman Capital Inc. now owns 1,042 shares of the software maker’s stock valued at $313,000 after purchasing an additional 38 shares in the last quarter. Finally, Empower Advisory Group LLC raised its holdings in shares of Cadence Design Systems by 4.9% in the 4th quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock valued at $263,000 after purchasing an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 2.5%

CDNS stock opened at $300.00 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 stock has a market capitalization of $81.91 billion, a PE ratio of 77.72, a price-to-earnings-growth ratio of 3.88 and a beta of 0.99. The firm has a 50 day moving average of $292.59 and a 200 day moving average of $287.36.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 28th. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate 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 business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the business posted $1.17 EPS. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. Sell-side analysts forecast that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on CDNS shares. Robert W. Baird boosted their price target on Cadence Design Systems from $293.00 to $325.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Rosenblatt Securities raised their price target on shares of Cadence Design Systems from $295.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, April 29th. Piper Sandler raised their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Bank of America raised their price target on shares of Cadence Design Systems from $320.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $325.23.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems 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 completion of the transaction, the director now directly owns 7,411 shares of the company’s stock, valued at $2,038,025. The trade was a 2.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $252.64, for a total transaction of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company’s stock, valued at approximately $27,486,979.36. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,625 shares of company stock worth $5,670,453. Company insiders own 0.37% 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.