Azzad Asset Management Inc. ADV Purchases Shares of 20,648 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Azzad Asset Management Inc. ADV acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 20,648 shares of the software maker's stock, valued at approximately $5,251,000. Cadence Design Systems comprises 0.6% of Azzad Asset Management Inc. ADV's investment portfolio, making the stock its 24th largest holding.

Several other institutional investors also recently modified their holdings of CDNS. Marshall Financial Group LLC grew its position in Cadence Design Systems by 1.2% during the first quarter. Marshall Financial Group LLC now owns 4,801 shares of the software maker's stock valued at $1,221,000 after acquiring an additional 55 shares during the last quarter. GraniteShares Advisors LLC boosted its stake in shares of Cadence Design Systems by 6.1% during the first quarter. GraniteShares Advisors LLC now owns 3,547 shares of the software maker's stock valued at $902,000 after purchasing an additional 203 shares during the period. Thomasville National Bank purchased a new stake in shares of Cadence Design Systems during the first quarter valued at approximately $485,000. Compagnie Lombard Odier SCmA boosted its stake in shares of Cadence Design Systems by 36.3% during the first quarter. Compagnie Lombard Odier SCmA now owns 2,319 shares of the software maker's stock valued at $590,000 after purchasing an additional 618 shares during the period. Finally, Net Worth Advisory Group boosted its stake in shares of Cadence Design Systems by 82.0% during the first quarter. Net Worth Advisory Group now owns 2,625 shares of the software maker's stock valued at $668,000 after purchasing an additional 1,183 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $252.64, for a total value of $164,216.00. Following the transaction, the vice president now directly owns 108,799 shares of the company's stock, valued at approximately $27,486,979.36. The trade was a 0.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 10,737 shares of Cadence Design Systems stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $310.00, for a total value of $3,328,470.00. Following the completion of the sale, the chief executive officer now directly owns 209,548 shares in the company, valued at approximately $64,959,880. The trade was a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,625 shares of company stock valued at $5,670,453 in the last ninety days. Corporate insiders own 1.99% of the company's stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded down $1.48 on Monday, hitting $298.53. The stock had a trading volume of 752,256 shares, compared to its average volume of 2,018,469. The stock has a market cap of $81.51 billion, a price-to-earnings ratio of 77.37, a price-to-earnings-growth ratio of 3.88 and a beta of 0.98. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The business's 50-day simple moving average is $292.59 and its two-hundred day simple moving average is $287.12. Cadence Design Systems, Inc. has a 52-week low of $221.56 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.07. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The business's revenue for the quarter was up 23.1% on a year-over-year basis. During the same period last year, the firm posted $1.17 earnings per share. As a group, research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CDNS. Needham & Company LLC reissued a "buy" rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, May 13th. Loop Capital decreased their price objective on Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating for the company in a report on Wednesday, February 19th. Robert W. Baird increased their price objective on Cadence Design Systems from $293.00 to $325.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their price target for the company from $300.00 to $325.00 in a report on Thursday, April 24th. Finally, Wells Fargo & Company raised their price target on Cadence Design Systems from $350.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average price target of $325.23.

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.