SwitchPoint Financial Planning LLC Acquires Shares of 10,342 Cadence Design Systems, Inc. (NASDAQ:CDNS)

SwitchPoint Financial Planning LLC bought a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, HoldingsChannel reports. The fund bought 10,342 shares of the software maker’s stock, valued at approximately $3,107,000. Cadence Design Systems makes up approximately 3.0% of SwitchPoint Financial Planning LLC’s portfolio, making the stock its 7th largest holding.

A number of other institutional investors have also recently made changes to their positions in CDNS. Avior Wealth Management LLC lifted its stake in Cadence Design Systems by 12.4% during the 4th quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock valued at $98,000 after acquiring an additional 36 shares during the period. Lindbrook Capital LLC lifted its position in Cadence Design Systems by 1.7% during the fourth quarter. Lindbrook Capital LLC now owns 2,230 shares of the software maker’s stock valued at $670,000 after purchasing an additional 38 shares during the period. Empower Advisory Group LLC boosted its holdings in Cadence Design Systems by 4.9% in the fourth quarter. Empower Advisory Group LLC now owns 875 shares of the software maker’s stock worth $263,000 after purchasing an additional 41 shares during the last quarter. Marcum Wealth LLC grew its position in Cadence Design Systems by 4.1% in the 4th quarter. Marcum Wealth LLC now owns 1,123 shares of the software maker’s stock worth $337,000 after purchasing an additional 44 shares during the period. Finally, CX Institutional lifted its holdings in shares of Cadence Design Systems by 2.6% during the 4th quarter. CX Institutional now owns 1,791 shares of the software maker’s stock valued at $538,000 after buying an additional 46 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Mizuho lifted their price objective on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Loop Capital reduced their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Oppenheimer lowered 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 report on Wednesday, March 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $324.83.

Cadence Design Systems Trading Up 0.7 %

Shares of CDNS opened at $269.11 on Wednesday. Cadence Design Systems, Inc. has a fifty-two week low of $230.09 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The company’s fifty day moving average is $277.00 and its 200 day moving average is $284.46. The stock has a market capitalization of $73.77 billion, a PE ratio of 69.72, a P/E/G ratio of 3.88 and a beta of 1.05.

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

Insider Activity

In related news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $292.32, for a total transaction of $190,008.00. Following the transaction, the vice president now directly owns 58,773 shares in the company, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,021 shares of company stock valued at $31,229,155. 1.99% 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.