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

Park Place Capital Corp lowered its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 55.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 112 shares of the software maker’s stock after selling 139 shares during the period. Park Place Capital Corp’s holdings in Cadence Design Systems were worth $34,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CDNS. Transcend Capital Advisors LLC purchased a new position in Cadence Design Systems in the second quarter valued at about $300,000. Capital Market Strategies LLC grew its stake in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares during the last quarter. Jackson Wealth Management LLC grew its stake in Cadence Design Systems by 7.4% in the first quarter. Jackson Wealth Management LLC now owns 14,642 shares of the software maker’s stock valued at $4,558,000 after purchasing an additional 1,014 shares during the last quarter. Objective Capital Management LLC grew its stake in Cadence Design Systems by 6.3% in the first quarter. Objective Capital Management LLC now owns 1,298 shares of the software maker’s stock valued at $404,000 after purchasing an additional 77 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in Cadence Design Systems by 22.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 516,718 shares of the software maker’s stock valued at $161,978,000 after purchasing an additional 93,991 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, VP Chin-Chi Teng sold 32,184 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Insiders sold 48,534 shares of company stock worth $14,546,517 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Cadence Design Systems Stock Performance

CDNS stock traded down $11.18 during trading on Friday, hitting $249.63. 4,742,041 shares of the company traded hands, compared to its average volume of 2,325,783. The stock’s 50-day simple moving average is $297.63 and its 200 day simple moving average is $297.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The company has a market cap of $68.35 billion, a PE ratio of 65.01, a P/E/G ratio of 3.14 and a beta of 1.03. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the business earned $0.94 earnings per share. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the topic of several analyst reports. Robert W. Baird cut their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23rd. Bank of America raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Piper Sandler reissued a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average target price of $334.56.

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.