Oppenheimer Asset Management Inc. Buys 985 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Oppenheimer Asset Management Inc. grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 3.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,180 shares of the software maker's stock after acquiring an additional 985 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Cadence Design Systems were worth $7,167,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CDNS. Sawgrass Asset Management LLC bought a new position in Cadence Design Systems in the first quarter worth $6,349,000. HWG Holdings LP bought a new position in Cadence Design Systems in the first quarter worth $54,000. Illumine Investment Management LLC lifted its position in Cadence Design Systems by 2.5% in the first quarter. Illumine Investment Management LLC now owns 6,209 shares of the software maker's stock worth $1,579,000 after purchasing an additional 151 shares during the period. Avantra Family Wealth Inc. lifted its position in Cadence Design Systems by 48.3% in the first quarter. Avantra Family Wealth Inc. now owns 1,474 shares of the software maker's stock worth $375,000 after purchasing an additional 480 shares during the period. Finally, EWA LLC lifted its position in Cadence Design Systems by 8.2% in the first quarter. EWA LLC now owns 827 shares of the software maker's stock worth $210,000 after purchasing an additional 63 shares during the period. 84.85% of the stock is owned by institutional investors.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $6.16 during midday trading on Thursday, reaching $303.69. The company's stock had a trading volume of 2,122,100 shares, compared to its average volume of 2,017,477. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $326.19. The company has a market capitalization of $82.92 billion, a P/E ratio of 76.88, a P/E/G ratio of 4.11 and a beta of 0.98. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.07 and a quick ratio of 2.90. The business's fifty day simple moving average is $298.96 and its 200-day simple moving average is $286.68.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last announced its earnings results on Monday, April 28th. The software maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.50 by $0.07. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Cadence Design Systems had a return on equity of 29.36% and a net margin of 22.18%. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. During the same period last year, the company posted $1.17 earnings per share. As a group, equities research analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ita M. Brennan sold 180 shares of Cadence Design Systems stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $275.00, for a total value of $49,500.00. Following the completion of the sale, the director now directly owns 7,411 shares in the company, valued at $2,038,025. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 868 shares of Cadence Design Systems stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $319.95, for a total value of $277,716.60. Following the completion of the sale, the director now owns 23,996 shares of the company's stock, valued at approximately $7,677,520.20. The trade was a 3.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,625 shares of company stock worth $5,972,453 over the last three months. 1.99% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CDNS. Wells Fargo & Company raised their target price on Cadence Design Systems from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $300.00 to $325.00 in a research report on Thursday, April 24th. KeyCorp increased their price objective on Cadence Design Systems from $355.00 to $375.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Mizuho increased their price objective on Cadence Design Systems from $300.00 to $325.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, Oppenheimer dropped their price objective on Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $325.23.

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.