Hanlon Investment Management Inc. Sells 1,104 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Hanlon Investment Management Inc. trimmed its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 19.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,710 shares of the software maker’s stock after selling 1,104 shares during the quarter. Hanlon Investment Management Inc.’s holdings in Cadence Design Systems were worth $1,283,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank acquired a new stake in Cadence Design Systems in the 4th quarter valued at $1,141,059,000. Nordea Investment Management AB boosted its holdings 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 last quarter. Wellington Management Group LLP lifted its position 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 valued at $383,062,000 after acquiring an additional 962,987 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Cadence Design Systems by 261.5% in 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 in the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Cadence Design Systems by 26,060.9% in the fourth 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 in the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 0.8 %

Cadence Design Systems stock traded down $2.37 during midday trading on Tuesday, reaching $290.10. The company’s stock had a trading volume of 1,174,526 shares, compared to its average volume of 1,530,125. Cadence Design Systems, Inc. has a fifty-two week low of $203.13 and a fifty-two week high of $327.36. The company has a market cap of $78.94 billion, a P/E ratio of 76.16, a P/E/G ratio of 3.40 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The business has a 50-day simple moving average of $297.25 and a 200-day simple moving average of $286.39.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.02 earnings per share. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of several recent research reports. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a report on Thursday, April 18th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp increased their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Piper Sandler cut their target price 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. Finally, Wells Fargo & Company increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $326.11.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, 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 can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,298 shares of company stock valued at $33,247,394. 0.62% of the stock is currently owned by insiders.

Cadence Design Systems 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.