Park National Corp OH Has $36.39 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park National Corp OH decreased its holdings in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 134,247 shares of the software maker’s stock after selling 2,004 shares during the quarter. Cadence Design Systems accounts for approximately 1.3% of Park National Corp OH’s investment portfolio, making the stock its 21st largest position. Park National Corp OH’s holdings in Cadence Design Systems were worth $36,385,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Swedbank AB acquired a new stake in Cadence Design Systems during the 1st quarter worth approximately $439,988,000. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 280.1% during the second quarter. Principal Financial Group Inc. now owns 1,519,661 shares of the software maker’s stock worth $467,676,000 after purchasing an additional 1,119,824 shares during the period. BNP Paribas Financial Markets increased its holdings in Cadence Design Systems by 58.1% in the first quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after purchasing an additional 468,195 shares during the period. Jennison Associates LLC raised its position in Cadence Design Systems by 6.9% during the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after purchasing an additional 459,603 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in Cadence Design Systems by 111.5% during the 1st quarter. 1832 Asset Management L.P. now owns 856,410 shares of the software maker’s stock worth $266,583,000 after buying an additional 451,530 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of analyst reports. Robert W. Baird lowered their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. Oppenheimer started coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued 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 price target of $323.60.

Cadence Design Systems Stock Up 1.4 %

Shares of NASDAQ:CDNS opened at $267.01 on Thursday. The firm has a market cap of $72.74 billion, a P/E ratio of 69.53, a PEG ratio of 3.30 and a beta of 1.02. Cadence Design Systems, Inc. has a 52-week low of $227.77 and a 52-week high of $328.99. The business’s 50 day simple moving average is $266.73 and its two-hundred day simple moving average is $288.27. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) 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 business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the firm posted $0.94 EPS. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. As a group, research analysts forecast that Cadence Design Systems, Inc. will post 4.73 EPS for the current fiscal year.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the sale, the director now directly owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.36, for a total value of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the transaction, the director now directly owns 43,551 shares in the company, valued at approximately $12,019,204.98. The disclosure for this sale can be found here. Insiders have sold 27,672 shares of company stock worth $7,590,312 in the last quarter. Insiders own 1.99% of the company’s stock.

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.