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

Azzad Asset Management Inc. ADV lowered its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,666 shares of the software maker’s stock after selling 277 shares during the quarter. Cadence Design Systems accounts for 0.7% of Azzad Asset Management Inc. ADV’s holdings, making the stock its 28th biggest position. Azzad Asset Management Inc. ADV’s holdings in Cadence Design Systems were worth $5,810,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Parkside Financial Bank & Trust boosted its holdings in Cadence Design Systems by 8.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after buying an additional 38 shares in the last quarter. Highview Capital Management LLC DE boosted its holdings in Cadence Design Systems by 0.8% during the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares in the last quarter. Fiduciary Trust Co boosted its holdings in Cadence Design Systems by 0.6% during the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares in the last quarter. Wealthcare Advisory Partners LLC boosted its holdings in Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares in the last quarter. Finally, Capital Market Strategies LLC boosted its holdings in Cadence Design Systems by 3.4% during the first quarter. Capital Market Strategies LLC now owns 1,261 shares of the software maker’s stock worth $393,000 after buying an additional 42 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $29,179,582.72. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,134 shares of company stock valued at $14,978,483. Corporate insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent analyst reports. Piper Sandler lowered their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a report on Tuesday. StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.89.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $0.07 during midday trading on Wednesday, hitting $316.85. The company’s stock had a trading volume of 184,450 shares, compared to its average volume of 1,547,906. The business’s 50 day simple moving average is $295.02 and its 200 day simple moving average is $294.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The company has a market cap of $86.32 billion, a P/E ratio of 82.49, a price-to-earnings-growth ratio of 3.77 and a beta of 1.03. Cadence Design Systems, Inc. has a 12-month low of $217.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results 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 firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the firm posted $1.02 earnings per share. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

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.