Cadence Design Systems, Inc. (NASDAQ:CDNS) Stock Holdings Lessened by Park Place Capital Corp

Park Place Capital Corp trimmed its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 43.6% during the 1st quarter, HoldingsChannel reports. The firm owned 251 shares of the software maker’s stock after selling 194 shares during the quarter. Park Place Capital Corp’s holdings in Cadence Design Systems were worth $78,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Claro Advisors LLC purchased a new position in Cadence Design Systems during the 1st quarter worth approximately $201,000. Miracle Mile Advisors LLC grew its holdings in shares of Cadence Design Systems by 38.3% during the 1st quarter. Miracle Mile Advisors LLC now owns 4,744 shares of the software maker’s stock valued at $1,477,000 after acquiring an additional 1,314 shares in the last quarter. Kowal Investment Group LLC grew its holdings in shares of Cadence Design Systems by 33.8% during the 1st quarter. Kowal Investment Group LLC now owns 1,496 shares of the software maker’s stock valued at $466,000 after acquiring an additional 378 shares in the last quarter. Wolff Wiese Magana LLC grew its holdings in shares of Cadence Design Systems by 6,740.0% during the 1st quarter. Wolff Wiese Magana LLC now owns 342 shares of the software maker’s stock valued at $106,000 after acquiring an additional 337 shares in the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Cadence Design Systems by 5.0% during the 1st quarter. Diversified Trust Co now owns 4,969 shares of the software maker’s stock valued at $1,547,000 after acquiring an additional 237 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the sale, the vice president now directly owns 66,494 shares of the company’s stock, valued at $19,615,730. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,534 shares of company stock valued at $11,735,433. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Stock Up 1.0 %

Cadence Design Systems stock opened at $310.92 on Tuesday. The firm has a fifty day moving average price of $294.50 and a two-hundred day moving average price of $293.96. The firm has a market cap of $84.70 billion, a price-to-earnings ratio of 80.97, a P/E/G ratio of 3.77 and a beta of 1.03. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99.

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

Analyst Ratings Changes

CDNS has been the topic of several research analyst reports. Piper Sandler lowered their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research note on Tuesday. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Bank of America lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $334.89.

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.