Hennion & Walsh Asset Management Inc. Boosts Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hennion & Walsh Asset Management Inc. lifted its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 8,792 shares of the software maker’s stock after buying an additional 1,049 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Cadence Design Systems were worth $2,642,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CDNS. Dudley Capital Management LLC grew its position in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after buying an additional 39 shares during the period. Trust Point Inc. grew its holdings in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares during the period. Falcon Wealth Planning increased its stake in shares of Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after purchasing an additional 40 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Cadence Design Systems by 0.7% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after purchasing an additional 40 shares during the last quarter. Finally, Venture Visionary Partners LLC boosted its position in shares of Cadence Design Systems by 2.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after purchasing an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CDNS. Mizuho raised their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday. They set a “buy” rating and a $350.00 price objective on the stock. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Trading Down 0.6 %

NASDAQ:CDNS opened at $298.90 on Friday. The company has a market cap of $81.98 billion, a PE ratio of 78.45, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The company has a 50 day simple moving average of $304.40 and a two-hundred day simple moving average of $285.31. Cadence Design Systems, Inc. has a 12 month low of $241.29 and a 12 month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Research analysts forecast that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,528,267 in the last quarter. 0.62% of the stock is currently owned by insiders.

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.