Park National Corp OH Decreases Holdings in Cadence Design Systems, Inc. $CDNS

Park National Corp OH lowered its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 2.3% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 120,627 shares of the software maker’s stock after selling 2,780 shares during the period. Cadence Design Systems comprises approximately 1.3% of Park National Corp OH’s investment portfolio, making the stock its 15th biggest holding. Park National Corp OH’s holdings in Cadence Design Systems were worth $42,371,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Cadence Design Systems by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 26,595,861 shares of the software maker’s stock valued at $8,195,515,000 after acquiring an additional 256,719 shares during the period. State Street Corp grew its holdings in Cadence Design Systems by 1.4% during the second quarter. State Street Corp now owns 12,318,585 shares of the software maker’s stock valued at $3,795,972,000 after purchasing an additional 172,551 shares during the period. Jennison Associates LLC increased its position in Cadence Design Systems by 3.0% in the second quarter. Jennison Associates LLC now owns 9,338,102 shares of the software maker’s stock worth $2,877,536,000 after buying an additional 273,149 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cadence Design Systems by 1.2% in the second quarter. Geode Capital Management LLC now owns 6,363,734 shares of the software maker’s stock valued at $1,952,771,000 after buying an additional 77,478 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Cadence Design Systems by 7.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,729,026 shares of the software maker’s stock valued at $1,202,733,000 after buying an additional 312,757 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 1.5%

Shares of NASDAQ CDNS opened at $318.43 on Tuesday. The company has a current ratio of 3.05, a quick ratio of 2.84 and a debt-to-equity ratio of 0.48. The business has a 50-day moving average of $326.21 and a 200-day moving average of $330.87. The firm has a market capitalization of $86.68 billion, a price-to-earnings ratio of 82.07, a PEG ratio of 4.16 and a beta of 1.05. Cadence Design Systems, Inc. has a 12 month low of $221.56 and a 12 month high of $376.45.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 27th. The software maker reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the business posted $1.64 earnings per share. Cadence Design Systems’s revenue for the quarter was up 10.1% on a year-over-year basis. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. Sell-side analysts expect that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent research reports. Rosenblatt Securities lifted their price objective on Cadence Design Systems from $320.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Citigroup assumed coverage on Cadence Design Systems in a report on Monday, November 24th. They issued a “buy” rating and a $385.00 price target for the company. Robert W. Baird boosted their price objective on Cadence Design Systems from $390.00 to $418.00 and gave the company an “outperform” rating in a research note on Tuesday, October 28th. KeyCorp reaffirmed an “overweight” rating and set a $405.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 28th. Finally, Wolfe Research reiterated an “outperform” rating and set a $385.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 28th. Fifteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.11.

Insider Activity at Cadence Design Systems

In related news, CFO John M. Wall sold 7,500 shares of the company’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $349.16, for a total value of $2,618,700.00. Following the completion of the transaction, the chief financial officer directly owned 70,715 shares in the company, valued at approximately $24,690,849.40. The trade was a 9.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul Scannell sold 5,490 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $339.43, for a total value of $1,863,470.70. Following the sale, the vice president owned 20,321 shares in the company, valued at $6,897,557.03. The trade was a 21.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 41,720 shares of company stock worth $14,163,377 in the last three months. 0.37% of the stock is owned by insiders.

About Cadence Design Systems

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.