Apollon Wealth Management LLC Reduces Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Apollon Wealth Management LLC lowered its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,448 shares of the software maker’s stock after selling 1,564 shares during the quarter. Apollon Wealth Management LLC’s holdings in Cadence Design Systems were worth $1,756,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB raised its holdings in shares of 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 purchasing an additional 1,052,228 shares in the last quarter. Wellington Management Group LLP grew its holdings in Cadence Design Systems by 143.3% in the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock worth $383,062,000 after purchasing an additional 962,987 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Cadence Design Systems by 8.7% during the 3rd quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after purchasing an additional 564,085 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Cadence Design Systems by 261.5% during 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 buying an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Cadence Design Systems by 26,060.9% during the 4th quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock worth $757,430,000 after purchasing an additional 277,027 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Down 0.5 %

NASDAQ:CDNS traded down $1.28 during trading hours on Wednesday, hitting $282.76. The company had a trading volume of 258,268 shares, compared to its average volume of 1,554,960. The company has a 50-day moving average of $301.33 and a 200 day moving average of $283.20. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company has a market cap of $76.95 billion, a P/E ratio of 74.03, a P/E/G ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 1 year low of $198.92 and a 1 year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the firm earned $1.02 EPS. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side analysts expect that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research reports. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Stifel Nicolaus raised their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Wells Fargo & Company lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note 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’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $326.11.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 173,066 shares of company stock valued at $52,199,975 in the last 90 days. Company insiders own 0.62% of the company’s stock.

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.