Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Update

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a significant drop in short interest in September. As of September 30th, there was short interest totalling 3,360,000 shares, a drop of 5.6% from the September 15th total of 3,560,000 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average trading volume of 2,050,000 shares, the short-interest ratio is currently 1.6 days.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Robert W. Baird cut their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a report on Tuesday. They issued a “buy” rating and a $320.00 target price on the stock. Oppenheimer assumed coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $323.27.

Cadence Design Systems Stock Performance

CDNS opened at $262.95 on Thursday. The business’s 50 day moving average is $269.94 and its 200-day moving average is $285.36. The stock has a market cap of $71.63 billion, a PE ratio of 68.48, a price-to-earnings-growth ratio of 3.37 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a twelve month low of $228.66 and a twelve month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 earnings per share. On average, analysts predict that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 659 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares in the company, valued at $4,423,683.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,847 shares of company stock worth $7,302,782 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $26,000. ORG Partners LLC increased its stake in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $32,000. Hollencrest Capital Management increased its stake in shares of Cadence Design Systems by 637.5% during the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares during the period. Finally, Rise Advisors LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at approximately $45,000. Institutional investors and hedge funds own 84.85% 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.