Oppenheimer Asset Management Inc. Acquires 554 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Oppenheimer Asset Management Inc. grew its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,195 shares of the software maker’s stock after purchasing an additional 554 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Cadence Design Systems were worth $8,171,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CDNS. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems in the third quarter valued at about $27,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth about $28,000. Golden State Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the 4th quarter valued at about $28,000. Versant Capital Management Inc raised its position in shares of 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 during the period. Finally, Prestige Wealth Management Group LLC boosted its stake in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total value of $1,799,916.80. Following the completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated 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 in the company, valued at $18,512,553.59. The trade was a 1.06 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,416 shares of company stock worth $33,538,875. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 2.1 %

NASDAQ:CDNS opened at $248.64 on Friday. The company has a market cap of $68.15 billion, a PE ratio of 64.41, a PEG ratio of 3.88 and a beta of 1.03. The stock has a 50-day simple moving average of $296.12 and a 200 day simple moving average of $286.72. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. 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 issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The business had revenue of $1.36 billion for 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, sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the subject of several recent analyst reports. Loop Capital lowered their target price on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Piper Sandler raised their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Mizuho boosted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Rosenblatt Securities raised their price target 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.92.

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.