Picton Mahoney Asset Management Trims Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Picton Mahoney Asset Management lessened its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 7.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 reporting period.

Other hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB grew 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 acquiring an additional 1,052,228 shares during the period. Wellington Management Group LLP boosted its position in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares in the last quarter. Jennison Associates LLC grew its stake in Cadence Design Systems by 8.7% in the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares during the period. Assenagon Asset Management S.A. raised its holdings in Cadence Design Systems by 261.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after purchasing an additional 448,918 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of 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 worth $757,430,000 after buying an additional 277,027 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, VP Paul Cunningham sold 1,000 shares of the company’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 transaction of $275,360.00. Following the sale, the vice president now directly owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold a total of 173,066 shares of company stock valued at $52,199,975 in the last three months. 0.62% of the stock is currently owned by corporate insiders.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $282.57 on Thursday. The firm’s 50 day simple moving average is $301.33 and its two-hundred day simple moving average is $283.20. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The company has a market capitalization of $76.90 billion, a P/E ratio of 73.59, 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 issued its 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. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. Cadence Design Systems’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 EPS. Research analysts expect that Cadence Design Systems, Inc. will post 4.78 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price target 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. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Piper Sandler dropped their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 23rd. Finally, Robert W. Baird upped their target price 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. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $326.11.

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.