abrdn plc Has $205.42 Million Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

abrdn plc grew its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 12.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 679,841 shares of the software maker's stock after purchasing an additional 75,670 shares during the period. abrdn plc owned about 0.25% of Cadence Design Systems worth $205,421,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Avior Wealth Management LLC raised its stake in shares of Cadence Design Systems by 12.4% in the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker's stock valued at $98,000 after purchasing an additional 36 shares in the last quarter. Dudley Capital Management LLC raised its stake in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock valued at $257,000 after buying an additional 39 shares in the last quarter. Trust Point Inc. lifted its holdings in shares of 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 acquiring an additional 40 shares during the period. Falcon Wealth Planning boosted its position in shares of Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker's stock valued at $222,000 after acquiring an additional 40 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its stake in 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 valued at $1,501,000 after acquiring an additional 40 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Trading Up 1.0 %

CDNS traded up $2.94 during mid-day trading on Wednesday, reaching $302.61. The stock had a trading volume of 327,191 shares, compared to its average volume of 1,515,748. The firm's fifty day simple moving average is $304.81 and its two-hundred day simple moving average is $284.68. The stock has a market capitalization of $82.99 billion, a P/E ratio of 79.44, a P/E/G ratio of 3.42 and a beta of 1.03. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of analyst reports. Robert W. Baird raised their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. Mizuho raised their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Wells Fargo & Company started coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $350.00 target price on the stock. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target for the company. Finally, Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They set a "buy" rating and a $350.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $329.50.

Insider Activity at Cadence Design Systems

In related news, CEO Anirudh Devgan sold 93,151 shares of the company's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the sale, the chief executive officer now owns 55,874 shares in the company, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the firm's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the transaction, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,766 shares of company stock worth $33,348,867 over the last 90 days. Insiders own 0.62% of the company's stock.

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.