Apollon Wealth Management LLC Acquires 824 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Apollon Wealth Management LLC raised its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 13.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 7,134 shares of the software maker’s stock after buying an additional 824 shares during the quarter. Apollon Wealth Management LLC’s holdings in Cadence Design Systems were worth $2,144,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Missouri Trust & Investment Co bought a new stake in shares of Cadence Design Systems during the third quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Cadence Design Systems during the 3rd quarter valued at $28,000. Golden State Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Versant Capital Management Inc increased its stake in shares of Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock worth $42,000 after acquiring an additional 87 shares in the last quarter. Finally, Prestige Wealth Management Group LLC boosted its stake in Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $299.68 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a market capitalization of $82.19 billion, a price-to-earnings ratio of 78.66, a PEG ratio of 3.50 and a beta of 1.03. The business’s fifty day moving average price is $304.59 and its 200-day moving average price is $285.03.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,416 shares of company stock valued at $33,538,875. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price objective for the company. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Mizuho raised their price target on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $329.50.

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.