Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Purchased by abrdn plc

abrdn plc increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 679,841 shares of the software maker’s stock after acquiring an additional 75,670 shares during the period. abrdn plc owned approximately 0.25% of Cadence Design Systems worth $205,421,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Avior Wealth Management LLC boosted its holdings in Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares in the last quarter. Dudley Capital Management LLC increased its stake in Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after purchasing an additional 39 shares in the last quarter. Trust Point Inc. raised its holdings in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning lifted its stake in Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC boosted its holdings in shares of Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares during the period. Institutional investors own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other news, CFO John M. Wall sold 4,224 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total transaction of $1,305,342.72. Following the sale, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,766 shares of company stock worth $33,348,867 over the last ninety days. Company insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CDNS. Loop Capital initiated coverage on Cadence Design Systems in a research note on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Wells Fargo & Company began coverage on Cadence Design Systems in a research report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $329.50.

Cadence Design Systems Stock Up 0.2 %

Shares of CDNS opened at $298.30 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The firm has a market capitalization of $81.81 billion, a price-to-earnings ratio of 78.29, a PEG ratio of 3.42 and a beta of 1.03. The business’s fifty day moving average price is $305.30 and its two-hundred day moving average price is $284.40.

Cadence Design Systems 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.