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

Optimize Financial Inc acquired a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 6,891 shares of the software maker's stock, valued at approximately $2,070,000. Cadence Design Systems makes up approximately 1.6% of Optimize Financial Inc's investment portfolio, making the stock its 10th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $1,170,209,000. Schroder Investment Management Group boosted its holdings in Cadence Design Systems by 53.1% during the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker's stock valued at $623,105,000 after acquiring an additional 716,041 shares during the period. FMR LLC grew its position in Cadence Design Systems by 8.7% during the 4th quarter. FMR LLC now owns 7,978,652 shares of the software maker's stock worth $2,397,266,000 after acquiring an additional 639,146 shares during the last quarter. Alliancebernstein L.P. increased its stake in Cadence Design Systems by 12.5% in the 4th quarter. Alliancebernstein L.P. now owns 5,676,194 shares of the software maker's stock worth $1,705,469,000 after purchasing an additional 632,175 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Cadence Design Systems in the fourth quarter valued at approximately $171,991,000. Institutional investors own 84.85% of the company's stock.

Cadence Design Systems Stock Up 0.4 %

Shares of CDNS stock traded up $0.96 during trading hours on Thursday, hitting $260.22. 1,914,622 shares of the company's stock traded hands, compared to its average volume of 1,950,703. Cadence Design Systems, Inc. has a 12-month low of $221.56 and a 12-month high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.93 and a debt-to-equity ratio of 0.53. The stock has a market cap of $71.38 billion, a price-to-earnings ratio of 67.41, a PEG ratio of 3.88 and a beta of 1.14. The stock's fifty day simple moving average is $259.01 and its two-hundred day simple moving average is $282.13.

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 analysts' consensus estimates of $1.82 by ($0.33). The firm 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%. On average, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the sale, the vice president now directly owns 58,773 shares of the company's stock, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last three months, insiders have sold 1,950 shares of company stock worth $518,499. Insiders own 0.37% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on CDNS shares. Loop Capital decreased their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Robert W. Baird lowered their price objective 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. Bank of America cut their target price on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Oppenheimer lowered their price target on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research report on Wednesday, March 19th. Finally, Rosenblatt Securities boosted their target price 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. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $320.67.

Cadence Design Systems Company 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.