Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Sold by Azzad Asset Management Inc. ADV

Azzad Asset Management Inc. ADV cut its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,666 shares of the software maker’s stock after selling 277 shares during the quarter. Cadence Design Systems comprises about 0.7% of Azzad Asset Management Inc. ADV’s investment portfolio, making the stock its 28th largest position. Azzad Asset Management Inc. ADV’s holdings in Cadence Design Systems were worth $5,810,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in shares of Cadence Design Systems during the 1st quarter worth $96,000. Consilio Wealth Advisors LLC purchased a new stake in shares of Cadence Design Systems in the 1st quarter worth about $302,000. Claro Advisors LLC purchased a new stake in shares of Cadence Design Systems in the 1st quarter worth about $201,000. Miracle Mile Advisors LLC boosted its position in shares of Cadence Design Systems by 38.3% in the 1st quarter. Miracle Mile Advisors LLC now owns 4,744 shares of the software maker’s stock worth $1,477,000 after buying an additional 1,314 shares in the last quarter. Finally, Kowal Investment Group LLC boosted its position in shares of Cadence Design Systems by 33.8% in the 1st quarter. Kowal Investment Group LLC now owns 1,496 shares of the software maker’s stock worth $466,000 after buying an additional 378 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Trading Up 0.0 %

Shares of CDNS stock traded up $0.07 during trading hours on Wednesday, hitting $316.85. 184,450 shares of the company were exchanged, compared to its average volume of 1,547,906. The firm has a market cap of $86.32 billion, a PE ratio of 82.49, a PEG ratio of 3.77 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average of $295.02 and a 200 day moving average of $294.24.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 EPS. Analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,134 shares of company stock valued at $14,978,483. 0.62% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on CDNS. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, May 17th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research report on Tuesday. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Bank of America upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems Company 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.