Oppenheimer Asset Management Inc. Acquires 3,824 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Oppenheimer Asset Management Inc. lifted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 17.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,988 shares of the software maker’s stock after buying an additional 3,824 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cadence Design Systems were worth $7,998,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CDNS. Vanguard Group Inc. raised its position 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 buying an additional 437,101 shares in the last quarter. Jennison Associates LLC raised its position in Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Norges Bank bought a new stake in Cadence Design Systems during the fourth quarter worth $1,141,059,000. Van ECK Associates Corp boosted its holdings in shares of Cadence Design Systems by 10.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after purchasing an additional 209,301 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now directly owns 19,280 shares in the company, valued at $5,933,420. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the sale, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,113 shares of company stock worth $10,237,521. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 0.4 %

Shares of NASDAQ:CDNS opened at $268.72 on Monday. The firm has a market cap of $73.58 billion, a P/E ratio of 69.98, a P/E/G ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month high of $328.99. The business has a fifty day simple moving average of $273.76 and a 200 day simple moving average of $291.51. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the company earned $0.94 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. Analysts predict that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current year.

Analyst Ratings Changes

CDNS has been the subject of several recent analyst reports. Robert W. Baird dropped their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. KeyCorp lifted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Finally, Bank of America increased their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

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.