Oppenheimer Asset Management Inc. Buys 653 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Oppenheimer Asset Management Inc. increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.5% during the third quarter, Holdings Channel.com reports. The fund owned 26,641 shares of the software maker’s stock after buying an additional 653 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cadence Design Systems were worth $7,221,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Avantax Advisory Services Inc. boosted its stake in shares of Cadence Design Systems by 36.3% in the 1st quarter. Avantax Advisory Services Inc. now owns 2,791 shares of the software maker’s stock valued at $869,000 after purchasing an additional 743 shares during the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in Cadence Design Systems by 22.7% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 1,233 shares of the software maker’s stock valued at $384,000 after acquiring an additional 228 shares during the last quarter. Cumberland Partners Ltd acquired a new stake in Cadence Design Systems during the 1st quarter worth about $300,000. Nicolet Advisory Services LLC raised its position in shares of Cadence Design Systems by 21.0% in the 1st quarter. Nicolet Advisory Services LLC now owns 1,134 shares of the software maker’s stock worth $353,000 after acquiring an additional 197 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after purchasing an additional 437,101 shares during the period. 84.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now owns 64,544 shares in the company, valued at $17,226,148.16. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,634 shares of company stock worth $4,217,635 over the last quarter. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Price Performance

CDNS stock opened at $303.04 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The business has a 50-day simple moving average of $272.61 and a two-hundred day simple moving average of $282.58. The company has a market capitalization of $83.11 billion, a P/E ratio of 79.54, a price-to-earnings-growth ratio of 3.64 and a beta of 1.02. 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 announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. Cadence Design Systems’s revenue was up 18.8% compared to the same quarter last year. Research analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal year.

Analysts Set New Price Targets

CDNS has been the subject of several recent analyst reports. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Needham & Company LLC lowered their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Robert W. Baird lifted their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Finally, Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday. They set a “buy” rating and a $360.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $326.00.

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.