Oppenheimer Asset Management Inc. Has $13.97 Million Stake in Cadence Design Systems, Inc. $CDNS

Oppenheimer Asset Management Inc. raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,775 shares of the software maker’s stock after acquiring an additional 10,742 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Cadence Design Systems were worth $13,971,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Cadence Design Systems during the second quarter worth about $1,190,618,000. Massachusetts Financial Services Co. MA lifted its position in shares of Cadence Design Systems by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,314,407 shares of the software maker’s stock valued at $1,866,739,000 after buying an additional 731,788 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of Cadence Design Systems by 914.2% during the 3rd quarter. Voya Investment Management LLC now owns 691,071 shares of the software maker’s stock worth $242,746,000 after acquiring an additional 622,934 shares during the period. Scge Management L.P. acquired a new position in shares of Cadence Design Systems during the 2nd quarter worth approximately $187,663,000. Finally, Bain Capital Public Equity Management II LLC bought a new stake in Cadence Design Systems in the 2nd quarter valued at $130,534,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $337.48, for a total transaction of $60,746.40. Following the completion of the sale, the director owned 7,650 shares of the company’s stock, valued at approximately $2,581,722. This represents a 2.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $295.09, for a total transaction of $295,090.00. Following the completion of the transaction, the vice president directly owned 95,137 shares in the company, valued at $28,073,977.33. This trade represents a 1.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 56,475 shares of company stock valued at $18,505,486 in the last ninety days. Insiders own 0.37% of the company’s stock.

Cadence Design Systems Trading Up 2.6%

Shares of NASDAQ:CDNS opened at $291.00 on Tuesday. The business’s 50 day simple moving average is $314.52 and its 200 day simple moving average is $331.39. Cadence Design Systems, Inc. has a 1 year low of $221.56 and a 1 year high of $376.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.05 and a quick ratio of 2.84. The company has a market capitalization of $79.21 billion, a P/E ratio of 75.00, a P/E/G ratio of 3.15 and a beta of 1.01.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Citigroup started coverage on shares of Cadence Design Systems in a research report on Monday, November 24th. They set a “buy” rating and a $385.00 price objective for the company. Oppenheimer raised shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price for the company in a report on Monday, December 1st. Robert W. Baird increased their price target on shares of Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Wolfe Research restated an “outperform” rating and set a $385.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Rosenblatt Securities increased their target price on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $379.59.

Cadence Design Systems Profile

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.