Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. raised its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 12.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,676,194 shares of the software maker’s stock after acquiring an additional 632,175 shares during the quarter. Cadence Design Systems makes up 0.6% of Alliancebernstein L.P.’s investment portfolio, making the stock its 28th biggest holding. Alliancebernstein L.P. owned about 2.07% of Cadence Design Systems worth $1,705,469,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Wellington Management Group LLP increased its stake in Cadence Design Systems by 12.3% in the fourth quarter. Wellington Management Group LLP now owns 403,682 shares of the software maker’s stock valued at $121,290,000 after purchasing an additional 44,061 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Cadence Design Systems by 0.8% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 33,971 shares of the software maker’s stock valued at $10,207,000 after buying an additional 253 shares in the last quarter. Schroder Investment Management Group grew its position in shares of Cadence Design Systems by 53.1% in the 4th quarter. Schroder Investment Management Group now owns 2,064,219 shares of the software maker’s stock valued at $623,105,000 after buying an additional 716,041 shares during the last quarter. Allianz SE purchased a new stake in Cadence Design Systems in the fourth quarter valued at $217,000. Finally, Allstate Corp acquired a new position in Cadence Design Systems in the fourth quarter valued at $2,437,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,021 shares of company stock valued at $31,229,155. 1.99% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CDNS has been the topic of a number of research analyst reports. Loop Capital cut their target price on Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating on the stock in a research report on Wednesday, February 19th. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Piper Sandler raised their target price on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Oppenheimer reduced their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating for the company in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Cadence Design Systems Stock Down 2.2 %

CDNS stock opened at $256.69 on Monday. The stock has a market capitalization of $70.36 billion, a PE ratio of 66.50, a price-to-earnings-growth ratio of 3.88 and a beta of 1.05. The company has a fifty day moving average of $274.55 and a 200-day moving average of $284.52. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. Cadence Design Systems, Inc. has a one year low of $230.09 and a one year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. As a group, analysts expect that Cadence Design Systems, Inc. will post 5.41 EPS for the current year.

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.