Oppenheimer Asset Management Inc. Has $8.17 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Oppenheimer Asset Management Inc. grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 27,195 shares of the software maker’s stock after buying an additional 554 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cadence Design Systems were worth $8,171,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CDNS. Swedbank AB grew its holdings in shares of Cadence Design Systems by 15.1% during the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock worth $475,336,000 after purchasing an additional 230,672 shares in the last quarter. Allworth Financial LP lifted its position in Cadence Design Systems by 9.7% in the third quarter. Allworth Financial LP now owns 777 shares of the software maker’s stock worth $211,000 after purchasing an additional 69 shares during the period. Arkadios Wealth Advisors acquired a new stake in Cadence Design Systems during the third quarter worth $202,000. Strategic Blueprint LLC acquired a new stake in Cadence Design Systems during the third quarter worth $248,000. Finally, First Trust Direct Indexing L.P. increased its holdings in Cadence Design Systems by 3.7% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 8,634 shares of the software maker’s stock valued at $2,340,000 after buying an additional 307 shares during the period. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a report on Wednesday, February 19th. Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective on the stock. Piper Sandler raised their target price on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Rosenblatt Securities upped their price target 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. 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 stock. Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $326.92.

Cadence Design Systems Price Performance

Shares of CDNS stock opened at $248.64 on Friday. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The stock has a market capitalization of $68.15 billion, a PE ratio of 64.41, 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 fifty day moving average is $296.12 and its 200-day moving average is $286.72.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, VP Paul Scannell sold 3,171 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $305.78, for a total value of $969,628.38. Following the transaction, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. This trade represents a 18.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the sale, the vice president now owns 60,461 shares of the company’s stock, valued at approximately $18,512,553.59. The trade was a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 over the last three months. 1.99% of the stock is owned by insiders.

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.