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

Hennion & Walsh Asset Management Inc. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 27.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,845 shares of the software maker’s stock after buying an additional 827 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Cadence Design Systems were worth $1,197,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Valley National Advisers Inc. grew its holdings in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter worth $28,000. Union Savings Bank acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $33,000. Rise Advisors LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at $45,000. Finally, Rakuten Securities Inc. acquired a new position in Cadence Design Systems in the fourth quarter valued at $45,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

CDNS stock opened at $307.75 on Monday. The firm has a market cap of $83.84 billion, a P/E ratio of 80.14, a price-to-earnings-growth ratio of 3.77 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The stock has a 50-day simple moving average of $294.50 and a 200-day simple moving average of $293.96.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The company 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 business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 earnings per share. On average, equities analysts predict that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Insiders sold 39,534 shares of company stock worth $11,735,433 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CDNS. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday. Bank of America lifted their price target 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. Piper Sandler dropped their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday, April 23rd. Finally, Robert W. Baird increased their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $332.78.

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.