Aberdeen Group plc Sells 18,777 Shares of Cadence Design Systems, Inc. $CDNS

Aberdeen Group plc cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 3.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 507,446 shares of the software maker’s stock after selling 18,777 shares during the quarter. Aberdeen Group plc owned 0.19% of Cadence Design Systems worth $177,208,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Tiemann Investment Advisors LLC increased its stake in Cadence Design Systems by 2.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock worth $324,000 after acquiring an additional 30 shares during the period. Occidental Asset Management LLC boosted its stake in shares of Cadence Design Systems by 2.3% in the 3rd quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock worth $464,000 after buying an additional 30 shares during the last quarter. Whittier Trust Co. boosted its position in Cadence Design Systems by 0.4% during the third quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock worth $2,456,000 after purchasing an additional 30 shares during the period. Cornerstone Wealth Group LLC boosted its stake in Cadence Design Systems by 4.3% during the third quarter. Cornerstone Wealth Group LLC now owns 777 shares of the software maker’s stock valued at $273,000 after buying an additional 32 shares during the period. Finally, KRS Capital Management LLC lifted its stake in shares of Cadence Design Systems by 1.4% in the 3rd quarter. KRS Capital Management LLC now owns 2,425 shares of the software maker’s stock valued at $852,000 after acquiring an additional 33 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, Director Ita M. Brennan sold 180 shares of the company’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $337.48, for a total transaction of $60,746.40. Following the completion of the transaction, the director directly owned 7,650 shares of the company’s stock, valued at approximately $2,581,722. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Anirudh Devgan sold 20,000 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $340.00, for a total transaction of $6,800,000.00. Following the completion of the transaction, the chief executive officer owned 195,844 shares of the company’s stock, valued at $66,586,960. This trade represents a 9.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 56,475 shares of company stock worth $18,505,486 in the last quarter. Insiders own 1.99% of the company’s stock.

Analyst Ratings Changes

CDNS has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on Cadence Design Systems from $390.00 to $405.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Needham & Company LLC reissued a “buy” rating and set a $390.00 price objective on shares of Cadence Design Systems in a report on Monday, December 22nd. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 28th. Citigroup started coverage on Cadence Design Systems in a research note on Monday, November 24th. They set a “buy” rating and a $385.00 price objective for the company. Finally, Wolfe Research restated an “outperform” rating and issued a $385.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 28th. Thirteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average price target of $379.59.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $299.46 on Friday. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The stock has a market cap of $81.51 billion, a price-to-earnings ratio of 77.18, a price-to-earnings-growth ratio of 3.33 and a beta of 1.01. The business has a fifty day moving average of $311.67 and a 200-day moving average of $330.15. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45.

About Cadence Design Systems

Cadence Design Systems, Inc (NASDAQ: CDNS) is a global provider of electronic design automation (EDA) software, hardware and intellectual property used to design and verify advanced semiconductor chips, systems-on-chip (SoCs), printed circuit boards (PCBs) and packaging. Headquartered in San Jose, California and founded in 1988, Cadence serves semiconductor companies, original equipment manufacturers and system designers across the globe, helping customers accelerate design cycles and manage the complexity of modern integrated systems.

The company’s offerings span software tools for digital, custom/analog and mixed-signal design, verification and signoff, as well as solutions for system-level modeling, thermal and signal integrity analysis, and PCB and package design.