Hennion & Walsh Asset Management Inc. Has $1.20 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hennion & Walsh Asset Management Inc. boosted its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 27.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,845 shares of the software maker’s stock after purchasing 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 quarter.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $1,141,059,000. Nordea Investment Management AB boosted its position in Cadence Design Systems by 124.8% in the 4th quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after buying an additional 1,052,228 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Cadence Design Systems by 143.3% in the 3rd quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after buying an additional 962,987 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Cadence Design Systems by 261.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock valued at $169,022,000 after purchasing an additional 448,918 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Cadence Design Systems by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock valued at $6,674,006,000 after acquiring an additional 384,637 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of analyst reports. Bank of America lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Robert W. Baird increased their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $332.78.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, the senior vice president now owns 20,480 shares of the company’s stock, valued at $5,639,372.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the completion of the transaction, 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the sale, the director now owns 48,051 shares in the company, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. Insiders have sold a total of 39,534 shares of company stock valued at $11,735,433 over the last 90 days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Price Performance

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

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results 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. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the firm earned $1.02 EPS. Cadence Design Systems’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal 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.