Lord Abbett & CO. LLC Acquires Shares of 150,167 Cadence Design Systems, Inc. (NASDAQ:CDNS)

Lord Abbett & CO. LLC purchased a new stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 150,167 shares of the software maker’s stock, valued at approximately $22,741,000. Lord Abbett & CO. LLC owned 0.05% of Cadence Design Systems at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. BlackRock Inc. raised its position in Cadence Design Systems by 0.4% in the third quarter. BlackRock Inc. now owns 31,256,354 shares of the software maker’s stock worth $4,733,462,000 after acquiring an additional 119,239 shares in the last quarter. FMR LLC increased its holdings in shares of Cadence Design Systems by 9.9% in the 2nd quarter. FMR LLC now owns 9,797,196 shares of the software maker’s stock valued at $1,340,453,000 after purchasing an additional 883,290 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Cadence Design Systems by 1.4% in the second quarter. Geode Capital Management LLC now owns 5,099,173 shares of the software maker’s stock valued at $696,055,000 after purchasing an additional 70,059 shares during the period. Northern Trust Corp boosted its holdings in Cadence Design Systems by 2.5% during the second quarter. Northern Trust Corp now owns 3,311,773 shares of the software maker’s stock worth $453,117,000 after buying an additional 80,967 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Cadence Design Systems by 11.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,727,633 shares of the software maker’s stock worth $373,195,000 after buying an additional 282,523 shares during the period. Hedge funds and other institutional investors own 83.47% of the company’s stock.

Several equities analysts recently weighed in on CDNS shares. Zacks Investment Research downgraded Cadence Design Systems from a “buy” rating to a “hold” rating and set a $196.00 price objective for the company. in a research note on Wednesday, November 17th. Rosenblatt Securities initiated coverage on Cadence Design Systems in a research report on Friday, September 17th. They issued a “buy” rating and a $173.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of Cadence Design Systems from $190.00 to $205.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 21st. Needham & Company LLC raised their target price on shares of Cadence Design Systems from $183.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, October 26th. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $186.00 to $205.00 and gave the company an “overweight” rating in a report on Monday, January 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $179.07.

Cadence Design Systems stock opened at $161.75 on Friday. The stock has a fifty day moving average price of $180.50 and a 200 day moving average price of $163.63. Cadence Design Systems, Inc. has a 52 week low of $118.11 and a 52 week high of $192.70. The firm has a market capitalization of $44.83 billion, a P/E ratio of 65.22, a PEG ratio of 3.14 and a beta of 1.07. The company has a current ratio of 1.70, a quick ratio of 1.59 and a debt-to-equity ratio of 0.13.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Sunday, October 24th. The software maker reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.05. The business had revenue of $750.90 million for the quarter, compared to analyst estimates of $741.84 million. Cadence Design Systems had a net margin of 23.30% and a return on equity of 28.98%. The company’s revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 EPS. As a group, equities analysts predict that Cadence Design Systems, Inc. will post 2.6 EPS for the current year.

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, December 6th. The stock was sold at an average price of $177.87, for a total value of $177,870.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Thomas P. Beckley sold 30,944 shares of the firm’s stock in a transaction that occurred on Thursday, October 21st. The stock was sold at an average price of $165.00, for a total transaction of $5,105,760.00. The disclosure for this sale can be found here. Insiders sold 119,177 shares of company stock valued at $21,300,265 over the last 90 days. Insiders own 2.31% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.

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Institutional Ownership by Quarter for Cadence Design Systems (NASDAQ:CDNS)

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