Optimize Financial Inc Makes New $2.07 Million Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Optimize Financial Inc purchased a new position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,891 shares of the software maker's stock, valued at approximately $2,070,000. Cadence Design Systems accounts for about 1.6% of Optimize Financial Inc's investment portfolio, making the stock its 10th biggest holding.

A number of other hedge funds also recently modified their holdings of the business. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $28,000. Avalon Trust Co acquired a new stake in shares of Cadence Design Systems during the fourth quarter worth $39,000. Versant Capital Management Inc lifted its position in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock valued at $42,000 after acquiring an additional 87 shares in the last quarter. OFI Invest Asset Management acquired a new position in Cadence Design Systems in the 4th quarter worth $46,000. Finally, Synergy Investment Management LLC bought a new position in Cadence Design Systems during the 4th quarter worth about $50,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $3.75 during mid-day trading on Tuesday, reaching $264.31. The company's stock had a trading volume of 1,856,416 shares, compared to its average volume of 1,948,777. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. Cadence Design Systems, Inc. has a 1-year low of $221.56 and a 1-year high of $328.99. The business has a 50-day simple moving average of $259.82 and a two-hundred day simple moving average of $282.29. The stock has a market cap of $72.50 billion, a P/E ratio of 68.47, a PEG ratio of 3.88 and a beta of 1.14.

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Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its quarterly 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). Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. As a group, equities research analysts anticipate that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Rosenblatt Securities upped their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Oppenheimer lowered their price objective 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. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Finally, Mizuho reduced their price objective on shares of Cadence Design Systems from $350.00 to $300.00 and set an "outperform" rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of "Moderate Buy" and an average target price of $320.67.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $252.73, for a total transaction of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at approximately $14,689,425.79. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 1,950 shares of company stock worth $518,499 over the last three months. Insiders own 1.99% of the company's stock.

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.