Park Place Capital Corp. reduced its stake in Cadence Design Systems Inc. (NASDAQ:CDNS – free report ) by 43.6% during the first quarter, according to its latest filing with the Securities and Exchange Commission. The fund sold 194 shares during the period, leaving it holding 251 shares of the software maker’s stock. Park Place Capital Corp.’s holdings of Cadence Design Systems stock were valued at $78,000 as of the latest filing with the Securities and Exchange Commission.
Other hedge funds and institutional investors also recently modified their holdings in CDNS. Valley National Advisers Inc. increased its stake in 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 purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new stake of Cadence Design Systems worth $28,000 in the fourth quarter. Annapolis Financial Services LLC purchased a new stake in Cadence Design Systems worth $32,000 in the first quarter. Union Savings Bank purchased a new stake in Cadence Design Systems worth $33,000 in the fourth quarter. Finally, Rakuten Securities Inc. purchased a new stake in Cadence Design Systems worth approximately $45,000 in the fourth quarter. Hedge funds and other institutional investors own 84.85% of the company’s shares.
Analysts Set New Price Targets
Several research analysts have recently commented on the company. Robert W. Baird increased 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 increased their price target on 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 lowered their price target on Cadence Design Systems from $334.00 to $318.00 and gave the company a “neutral” rating in a research note on Tuesday, April 23rd. Rosenblatt Securities reaffirmed a “neutral” rating on Cadence Design Systems and set a $280.00 price target on the stock in a report on Monday, April 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price target 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. According to MarketBeat.com, Cadence Design Systems currently has a “moderate buy” consensus rating with a consensus target price of $334.89.
Read the latest CDNS research report
Cadence Design Systems shares rose 1.0%
Shares of CDNS opened trading 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.’s 52-week low is $217.77 and its 52-week high is $328.99. The company’s 50-day simple moving average is $294.50 and its 200-day simple moving average is $293.96. The company has a market capitalization of $84.7 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 – Get free report ) last released its quarterly earnings data on Monday, April 22nd. The software maker reported quarterly earnings per share of $1.17, beating the consensus estimate of $1.13 by $0.04. The company’s quarterly revenue was $1.01 billion, beating analyst expectations of $1.0 billion. Cadence Design Systems’ ROE was 32.44%, with a net margin of 25.68%. The company’s quarterly revenue was down 1.2% year over year. Year-over-year earnings per share were $1.02. Equity analysts expect Cadence Design Systems to post EPS of $4.77 for the current year.
Insider Activities
In related news, Director, Vincentelli Alberto Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction 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 approximately $15,498,015.89. The transaction was disclosed in a filing with the Securities and Exchange Commission, which can be accessed on the SEC’s website. In related news, Vice President, Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction value of $275,360.00.Following the close of the transaction, the vice president now directly owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The transaction was disclosed in a document filed with the SEC, which is available on the SEC’s website. Additionally, 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 close 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 the company’s stock, valued at $11,735,433. Company insiders own 0.62% of the company’s shares.
About Cadence Design Systems
(Free report)
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. The company’s functional verification services consist 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.
References
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