Park National Corp OH Sells 8,168 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park National Corp OH cut its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 126,079 shares of the software maker’s stock after selling 8,168 shares during the quarter. Cadence Design Systems accounts for about 1.4% of Park National Corp OH’s portfolio, making the stock its 17th biggest holding. Park National Corp OH’s holdings in Cadence Design Systems were worth $37,882,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dudley Capital Management LLC grew its holdings in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after acquiring an additional 39 shares in the last quarter. Trust Point Inc. raised its stake in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares in the last quarter. Falcon Wealth Planning boosted its holdings in shares of Cadence Design Systems by 5.1% in the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock valued at $222,000 after buying an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its stake in shares of Cadence Design Systems by 0.7% in the third quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock valued at $1,501,000 after buying an additional 40 shares in the last quarter. Finally, Venture Visionary Partners LLC increased its holdings in Cadence Design Systems by 2.5% during the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock worth $463,000 after buying an additional 41 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CDNS shares. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC dropped their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Finally, Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $327.92.

Cadence Design Systems Stock Down 2.1 %

CDNS opened at $301.67 on Wednesday. The stock has a fifty day moving average of $303.08 and a 200-day moving average of $285.59. The company has a market capitalization of $82.74 billion, a P/E ratio of 79.18, a P/E/G ratio of 4.19 and a beta of 1.04. Cadence Design Systems, Inc. has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the previous year, the company earned $1.01 EPS. The business’s revenue was up 18.8% on a year-over-year basis. On average, equities analysts expect that Cadence Design Systems, Inc. will post 4.75 EPS for the current year.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 4,224 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now owns 29,248 shares of the company’s stock, valued at $9,038,509.44. The trade was a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the sale, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,765 shares of company stock worth $5,076,947. Company insiders own 0.62% of the company’s stock.

Cadence Design Systems 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.