abrdn plc Buys 75,670 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

abrdn plc raised its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 679,841 shares of the software maker’s stock after buying an additional 75,670 shares during the quarter. abrdn plc’s holdings in Cadence Design Systems were worth $205,421,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CDNS. Van ECK Associates Corp raised its position in Cadence Design Systems by 26.1% during the third quarter. Van ECK Associates Corp now owns 2,767,965 shares of the software maker’s stock valued at $689,472,000 after purchasing an additional 572,251 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Cadence Design Systems by 33.0% during the 3rd quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after buying an additional 501,833 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth about $148,594,000. Meridiem Investment Management Ltd. bought a new stake in shares of Cadence Design Systems during the third quarter worth $129,285,000. Finally, Jennison Associates LLC increased its holdings in Cadence Design Systems by 5.3% in the 4th quarter. Jennison Associates LLC now owns 8,010,251 shares of the software maker’s stock worth $2,406,760,000 after purchasing an additional 404,076 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Up 0.2 %

CDNS opened at $298.30 on Tuesday. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company’s 50-day moving average is $305.30 and its 200 day moving average is $284.40. The firm has a market capitalization of $81.81 billion, a P/E ratio of 78.29, a PEG ratio of 3.42 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction 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 $16,987,930.96. This represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.84, for a total transaction of $198,146.00. Following the completion of the transaction, the vice president now owns 59,311 shares of the company’s stock, valued at $18,080,365.24. The trade was a 1.08 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 107,766 shares of company stock valued at $33,348,867. 0.62% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Redburn Atlantic started coverage on Cadence Design Systems in a research report on Monday, January 13th. They set a “buy” rating and a $350.00 target price for the company. Loop Capital began coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price on the stock. Finally, Wells Fargo & Company assumed coverage on Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $329.50.

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.