Holistic Financial Partners Takes $285,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Holistic Financial Partners purchased a new stake 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 firm purchased 949 shares of the software maker’s stock, valued at approximately $285,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CDNS. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems during the third quarter valued at $27,000. MidAtlantic Capital Management Inc. bought a new position in shares of Cadence Design Systems during the third quarter valued at $28,000. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at $28,000. Versant Capital Management Inc increased its holdings in shares of Cadence Design Systems by 164.2% during the fourth 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. Finally, Prestige Wealth Management Group LLC boosted its position in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after buying an additional 60 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Robert W. Baird dropped their price objective on Cadence Design Systems from $340.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday. Piper Sandler increased their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, Mizuho increased 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $326.92.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the sale, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at $4,378,158.04. This trade represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock valued at $33,538,875 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Trading Down 4.4 %

Shares of NASDAQ:CDNS opened at $258.27 on Monday. The stock has a market capitalization of $70.83 billion, a price-to-earnings ratio of 66.91, a PEG ratio of 3.88 and a beta of 1.03. 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 stock’s 50-day simple moving average is $300.54 and its two-hundred day simple moving average is $287.48. Cadence Design Systems, Inc. has a 52-week low of $241.29 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

About Cadence Design Systems

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.