Cadence Design Systems, Inc. (NASDAQ:CDNS) Stake Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 11.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 792,366 shares of the software maker's stock after buying an additional 80,486 shares during the period. Allspring Global Investments Holdings LLC owned 0.29% of Cadence Design Systems worth $235,970,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Missouri Trust & Investment Co purchased a new position in Cadence Design Systems in the 3rd quarter valued at about $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems during the third quarter valued at approximately $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $28,000. Versant Capital Management Inc grew its stake in Cadence Design Systems by 164.2% in the 4th quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after acquiring an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC raised its holdings in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after acquiring an additional 60 shares during the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Stock Down 3.2 %

Shares of CDNS traded down $9.82 during midday trading on Wednesday, reaching $294.05. 1,091,494 shares of the company were exchanged, compared to its average volume of 1,466,853. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. Cadence Design Systems, Inc. has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a market cap of $80.65 billion, a price-to-earnings ratio of 77.18, a P/E/G ratio of 3.50 and a beta of 1.03. The stock has a 50-day moving average price of $304.31 and a 200-day moving average price of $285.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CDNS shares. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating for the company in a research report on Tuesday, October 29th. Redburn Atlantic assumed coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price on the stock. Finally, StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has a consensus rating of "Moderate Buy" and an average price target of $329.50.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total transaction of $190,008.00. Following the completion of the sale, the vice president now directly owns 58,773 shares in the company, valued at $17,180,523.36. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Anirudh Devgan sold 5,920 shares of Cadence Design Systems stock in a transaction dated 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 in the company, 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. In the last ninety days, insiders have sold 108,416 shares of company stock valued at $33,538,875. 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.