Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Wahed Invest LLC

Wahed Invest LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 6,620 shares of the software maker’s stock after acquiring an additional 740 shares during the quarter. Wahed Invest LLC’s holdings in Cadence Design Systems were worth $1,794,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in shares of Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after buying an additional 1,119,824 shares during the period. Van ECK Associates Corp lifted its stake in shares of Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock worth $689,472,000 after buying an additional 572,251 shares during the period. Meridiem Investment Management Ltd. acquired a new stake in shares of Cadence Design Systems during the third quarter worth $129,285,000. Sumitomo Mitsui Trust Group Inc. lifted its position in Cadence Design Systems by 48.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker’s stock valued at $258,136,000 after purchasing an additional 310,250 shares during the period. Finally, Marshall Wace LLP lifted its position in Cadence Design Systems by 153.4% during the second quarter. Marshall Wace LLP now owns 471,010 shares of the software maker’s stock valued at $144,953,000 after purchasing an additional 285,130 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $303.79 on Friday. The company has a market cap of $83.32 billion, a PE ratio of 79.73, a price-to-earnings-growth ratio of 4.25 and a beta of 1.03. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The company has a 50-day simple moving average of $285.09 and a 200-day simple moving average of $285.10.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the company earned $1.01 earnings per share. The company’s quarterly revenue was up 18.8% on a year-over-year basis. On average, equities analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now owns 42,051 shares in the company, valued at approximately $11,928,186.66. The trade was a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the completion of the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,634 shares of company stock valued at $1,584,080. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Needham & Company LLC lowered their price target on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One equities research 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

About Cadence Design Systems

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.