Park Place Capital Corp Has $34,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park Place Capital Corp cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 55.4% during the second quarter, Holdings Channel reports. The institutional investor owned 112 shares of the software maker’s stock after selling 139 shares during the quarter. Park Place Capital Corp’s holdings in Cadence Design Systems were worth $34,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Ulland Investment Advisors LLC acquired a new stake in Cadence Design Systems during the first quarter valued at approximately $25,000. Valley National Advisers Inc. raised its stake in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $26,000. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at approximately $32,000. Finally, Union Savings Bank bought a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $33,000. 84.85% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the sale, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total transaction of $191,750.00. Following the completion of the transaction, the vice president now directly owns 66,494 shares of the company’s stock, valued at approximately $19,615,730. The disclosure for this sale can be found here. Insiders have sold a total of 48,534 shares of company stock worth $14,546,517 in the last quarter. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CDNS. KeyCorp boosted their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Bank of America boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Piper Sandler reaffirmed a “neutral” rating and issued a $318.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 10th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded down $11.18 during trading hours on Friday, hitting $249.63. The company had a trading volume of 4,742,041 shares, compared to its average volume of 2,325,783. The firm has a market cap of $68.35 billion, a PE ratio of 65.01, a PEG ratio of 3.14 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. Cadence Design Systems, Inc. has a one year low of $217.77 and a one year high of $328.99. The firm has a 50-day moving average of $297.63 and a 200 day moving average of $297.84.

Cadence Design Systems (NASDAQ:CDNS) last released 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. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the firm earned $0.94 EPS. The business’s revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts expect that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

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.