abrdn plc Acquires 222,328 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

abrdn plc increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 77.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 509,127 shares of the software maker's stock after acquiring an additional 222,328 shares during the period. abrdn plc owned 0.19% of Cadence Design Systems worth $138,671,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. OFI Invest Asset Management acquired a new stake in Cadence Design Systems in the 3rd quarter valued at approximately $26,000. Valley National Advisers Inc. grew its holdings in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker's stock valued at $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at approximately $28,000. Atlas Capital Advisors LLC grew its holdings in Cadence Design Systems by 322.6% in the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker's stock valued at $31,000 after buying an additional 100 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its holdings in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker's stock valued at $37,000 after buying an additional 117 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $5.65 during midday trading on Friday, hitting $280.25. 2,021,408 shares of the company were exchanged, compared to its average volume of 1,219,604. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The firm has a market cap of $76.30 billion, a P/E ratio of 73.36, a PEG ratio of 3.47 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $194.01 and a 52 week high of $327.36. The firm has a 50 day simple moving average of $305.52 and a 200-day simple moving average of $280.05.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.33 by $0.05. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The firm had revenue of $1.07 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same period last year, the firm posted $0.75 EPS. The business's revenue was up 18.8% on a year-over-year basis. Research analysts forecast that Cadence Design Systems, Inc. will post 4.82 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on CDNS shares. Morgan Stanley upgraded Cadence Design Systems from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird raised their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a research report on Thursday. Wells Fargo & Company raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday. Rosenblatt Securities downgraded Cadence Design Systems from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Finally, Stifel Nicolaus raised their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, February 13th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of "Moderate Buy" and an average target price of $318.10.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares of the company's stock, valued at $15,924,053.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company's stock, valued at $15,924,053.86. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock valued at $53,581,207 in the last three months. Corporate insiders own 1.99% of the company's stock.

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.