Park Place Capital Corp Trims Stake in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park Place Capital Corp lowered its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 251 shares of the software maker’s stock after selling 194 shares during the period. Park Place Capital Corp’s holdings in Cadence Design Systems were worth $78,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CDNS. Valley National Advisers Inc. boosted its stake in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new position in Cadence Design Systems in the 4th quarter worth $28,000. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems in the 1st quarter worth $32,000. Union Savings Bank purchased a new stake in Cadence Design Systems in the 4th quarter worth $33,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at about $45,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Robert W. Baird lifted their price target on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research report on Tuesday. Bank of America boosted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Piper Sandler reduced their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday, April 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, May 17th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $334.89.

Cadence Design Systems Stock Up 1.0 %

Shares of CDNS opened at $310.92 on Tuesday. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 52-week low of $217.77 and a 52-week high of $328.99. The stock has a fifty day simple moving average of $294.50 and a two-hundred day simple moving average of $293.96. The company has a market capitalization of $84.70 billion, a PE ratio of 80.97, a price-to-earnings-growth ratio of 3.77 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.02 earnings per share. As a group, equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 EPS for the current year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,534 shares of company stock valued at $11,735,433. Company 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.