Allspring Global Investments Holdings LLC Has $235.97 Million Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Allspring Global Investments Holdings LLC increased its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 11.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 792,366 shares of the software maker’s stock after purchasing an additional 80,486 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.29% of Cadence Design Systems worth $235,970,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CDNS. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems in the third quarter worth $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter worth $28,000. Golden State Wealth Management LLC acquired a new position in Cadence Design Systems during the 4th quarter worth $28,000. Versant Capital Management Inc boosted its holdings in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker’s stock valued at $42,000 after acquiring an additional 87 shares during the period. Finally, Prestige Wealth Management Group LLC grew its position in shares of Cadence Design Systems by 56.6% in the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price objective on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Finally, Robert W. Baird increased their target price 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Stock Down 0.6 %

Shares of NASDAQ CDNS opened at $303.87 on Wednesday. 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. The business has a fifty day moving average of $304.50 and a two-hundred day moving average of $285.50. The stock has a market cap of $83.34 billion, a PE ratio of 79.76, a PEG ratio of 3.50 and a beta of 1.03.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $306.19, for a total transaction of $199,023.50. Following the sale, the vice president now owns 60,461 shares of the company’s stock, valued at $18,512,553.59. This represents a 1.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Paul Scannell sold 3,171 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $305.78, for a total transaction of $969,628.38. Following the completion of the transaction, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,416 shares of company stock valued at $33,538,875 in the last ninety days. Insiders own 1.99% of the company’s stock.

Cadence Design Systems Company 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.