Apollon Wealth Management LLC Has $1.76 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Apollon Wealth Management LLC lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the company. Jennison Associates LLC boosted 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 valued at $1,651,166,000 after purchasing an additional 564,085 shares during the last quarter. Northern Trust Corp boosted its position in Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock worth $701,927,000 after purchasing an additional 158,031 shares during the period. Invesco Ltd. raised its position in shares of Cadence Design Systems by 4.9% in the third quarter. Invesco Ltd. now owns 2,012,292 shares of the software maker’s stock valued at $471,480,000 after purchasing an additional 93,984 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Cadence Design Systems by 124.8% during 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. Finally, Wellington Management Group LLP raised its holdings in 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 worth $383,062,000 after acquiring an additional 962,987 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred 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 directly owns 20,480 shares of the company’s stock, valued at approximately $5,639,372.80. The disclosure for this sale can be found here. In the last three months, insiders sold 173,066 shares of company stock worth $52,199,975. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Trading Down 0.5 %

Shares of CDNS stock traded down $1.28 on Wednesday, hitting $282.76. The stock had a trading volume of 258,268 shares, compared to its average volume of 1,554,960. The firm has a market cap of $76.95 billion, a P/E ratio of 74.03, a PEG ratio of 3.32 and a beta of 1.06. Cadence Design Systems, Inc. has a twelve month low of $198.92 and a twelve month high of $327.36. The company has a fifty day moving average price of $301.33 and a two-hundred day moving average price 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.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Stifel Nicolaus increased 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. Finally, 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 research note on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.11.

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.