SwitchPoint Financial Planning LLC Invests $3.11 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

SwitchPoint Financial Planning LLC bought a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 10,342 shares of the software maker’s stock, valued at approximately $3,107,000. Cadence Design Systems makes up 3.0% of SwitchPoint Financial Planning LLC’s holdings, making the stock its 7th biggest position.

A number of other institutional investors have also added to or reduced their stakes in the business. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems during the 4th quarter worth $28,000. Avalon Trust Co bought a new stake in Cadence Design Systems during the fourth quarter worth about $39,000. Versant Capital Management Inc boosted its holdings 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 purchasing an additional 87 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Cadence Design Systems during the 4th quarter valued at about $46,000. Finally, Prestige Wealth Management Group LLC lifted its position in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CDNS has been the topic of several research reports. Oppenheimer decreased their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 19th. Robert W. Baird lowered their price target on shares of Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Rosenblatt Securities raised their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Redburn Atlantic began coverage on Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total value of $1,799,916.80. Following the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $304.84, for a total transaction of $198,146.00. Following the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 over the last ninety days. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Stock Up 0.7 %

Shares of Cadence Design Systems stock opened at $269.11 on Wednesday. The company’s fifty day simple moving average is $277.00 and its two-hundred day simple moving average is $284.46. Cadence Design Systems, Inc. has a 12-month low of $230.09 and a 12-month high of $328.99. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company has a market cap of $73.77 billion, a P/E ratio of 69.72, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.35 billion. Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. Research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.