Park National Corp OH Has $37.88 Million Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Park National Corp OH reduced its holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) by 6.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 126,079 shares of the software maker's stock after selling 8,168 shares during the quarter. Cadence Design Systems accounts for 1.4% of Park National Corp OH's portfolio, making the stock its 17th largest position. Park National Corp OH's holdings in Cadence Design Systems were worth $37,882,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Dudley Capital Management LLC increased its stake in shares of Cadence Design Systems by 4.3% during the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker's stock worth $257,000 after purchasing an additional 39 shares during the last quarter. Trust Point Inc. boosted its holdings in Cadence Design Systems by 2.9% in the third 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 increased its position in Cadence Design Systems by 5.1% during the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker's stock worth $222,000 after buying an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in Cadence Design Systems by 0.7% during 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 lifted its position in shares of Cadence Design Systems by 2.5% in 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 own 84.85% of the company's stock.

Insider Activity

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $16,987,930.96. This trade represents a 9.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 109,916 shares of company stock worth $33,953,757. 0.62% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CDNS. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price objective on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They issued a "buy" rating and a $360.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an "overweight" rating and a $350.00 price objective for the company. Mizuho raised their target price on shares of Cadence Design Systems from $325.00 to $350.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Finally, Robert W. Baird boosted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $327.92.

Cadence Design Systems Stock Performance

CDNS traded up $1.06 on Wednesday, hitting $302.73. 1,116,299 shares of the stock traded hands, compared to its average volume of 1,262,419. The business has a fifty day moving average price of $303.33 and a two-hundred day moving average price of $285.71. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $83.03 billion, a PE ratio of 79.46, a P/E/G ratio of 4.19 and a beta of 1.04. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. Cadence Design Systems's quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.01 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.75 EPS for the current fiscal 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.