Apollon Wealth Management LLC Sells 199 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Apollon Wealth Management LLC trimmed its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,310 shares of the software maker’s stock after selling 199 shares during the quarter. Apollon Wealth Management LLC’s holdings in Cadence Design Systems were worth $1,710,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Park National Corp OH lifted its stake in shares of Cadence Design Systems by 19.8% in the second quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after buying an additional 22,537 shares during the last quarter. Industrial Alliance Investment Management Inc. raised its stake in Cadence Design Systems by 83.4% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock valued at $1,402,000 after purchasing an additional 2,048 shares during the last quarter. SG Americas Securities LLC raised its stake in Cadence Design Systems by 88.4% during the 2nd quarter. SG Americas Securities LLC now owns 54,022 shares of the software maker’s stock valued at $16,625,000 after purchasing an additional 25,347 shares during the last quarter. Teamwork Financial Advisors LLC raised its stake in Cadence Design Systems by 19.4% during the 3rd quarter. Teamwork Financial Advisors LLC now owns 13,131 shares of the software maker’s stock valued at $3,559,000 after purchasing an additional 2,136 shares during the last quarter. Finally, Vontobel Holding Ltd. raised its stake in Cadence Design Systems by 5.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 228,597 shares of the software maker’s stock valued at $61,957,000 after purchasing an additional 11,568 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on CDNS shares. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research note on Tuesday, August 6th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price for the company. Finally, Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday. They issued a “buy” rating and a $360.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Stock Down 1.1 %

CDNS opened at $303.04 on Friday. The firm’s 50-day simple moving average is $272.61 and its 200-day simple moving average is $282.58. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market cap of $83.11 billion, a price-to-earnings ratio of 79.54, a PEG ratio of 3.64 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,634 shares of company stock valued at $4,217,635 in the last 90 days. 1.99% of the stock is currently owned by insiders.

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.