Hennion & Walsh Asset Management Inc. Buys 1,049 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hennion & Walsh Asset Management Inc. lifted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 13.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,792 shares of the software maker's stock after acquiring an additional 1,049 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in Cadence Design Systems were worth $2,642,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CDNS. Van ECK Associates Corp lifted its position in shares of Cadence Design Systems by 26.1% in the 3rd quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker's stock valued at $689,472,000 after acquiring an additional 572,251 shares in the last quarter. Principal Financial Group Inc. lifted its position in 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 worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Meridiem Investment Management Ltd. purchased a new stake in Cadence Design Systems in the 3rd quarter worth approximately $129,285,000. Sumitomo Mitsui Trust Group Inc. lifted its position in Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock worth $258,136,000 after buying an additional 310,250 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in Cadence Design Systems by 153.4% in the 2nd quarter. Marshall Wace LLP now owns 471,010 shares of the software maker's stock worth $144,953,000 after buying an additional 285,130 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Transactions at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares of the company's stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 108,416 shares of company stock valued at $33,528,267. Company insiders own 0.62% of the company's stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of research analyst reports. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Loop Capital initiated coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a "buy" rating and a $360.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price for the company. Needham & Company LLC dropped 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 note on Tuesday, October 29th. Finally, Mizuho increased their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $329.50.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $6.70 during midday trading on Friday, hitting $305.60. The company had a trading volume of 1,567,190 shares, compared to its average volume of 1,410,516. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $83.81 billion, a price-to-earnings ratio of 80.21, a P/E/G ratio of 3.44 and a beta of 1.04. The firm has a fifty day simple moving average of $304.40 and a two-hundred day simple moving average of $285.31. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly 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. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business's quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the business posted $1.01 EPS. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

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.