Picton Mahoney Asset Management Sells 265 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Picton Mahoney Asset Management decreased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,185 shares of the software maker’s stock after selling 265 shares during the period. Picton Mahoney Asset Management’s holdings in Cadence Design Systems were worth $867,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB increased 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 worth $515,995,000 after buying an additional 1,052,228 shares during the period. Wellington Management Group LLP grew its stake in shares of 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 acquiring an additional 962,987 shares during the last quarter. Jennison Associates LLC increased its position in Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares during the period. Assenagon Asset Management S.A. raised its stake 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 purchasing an additional 448,918 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in Cadence Design Systems by 26,060.9% in the 4th quarter. International Assets Investment Management LLC now owns 278,090 shares of the software maker’s stock valued at $757,430,000 after purchasing an additional 277,027 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. Insiders have sold 173,066 shares of company stock worth $52,199,975 in the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of several research reports. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Robert W. Baird increased their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $326.11.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $282.57 on Thursday. The business’s 50-day simple moving average is $301.33 and its 200 day simple moving average is $283.20. The stock has a market cap of $76.90 billion, a price-to-earnings ratio of 73.59, a P/E/G ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a 12-month low of $198.92 and a 12-month high of $327.36. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business earned $1.02 earnings per share. The company’s revenue was down 1.2% compared to the same quarter last year. As a group, research analysts anticipate that Cadence Design Systems, Inc. will post 4.78 earnings per share for the current 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.