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

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 4,490,000 shares, a growth of 17.8% from the November 30th total of 3,810,000 shares. Based on an average trading volume of 1,840,000 shares, the short-interest ratio is presently 2.4 days. Approximately 1.7% of the shares of the stock are short sold.

Cadence Design Systems Trading Down 0.5 %

Shares of CDNS stock traded down $1.40 during trading hours on Tuesday, reaching $300.46. The company had a trading volume of 900,559 shares, compared to its average volume of 1,744,112. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a 50 day moving average of $298.74 and a 200 day moving average of $286.29. The firm has a market cap of $82.41 billion, a price-to-earnings ratio of 78.86, a P/E/G ratio of 4.19 and a beta of 1.03.

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

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research reports. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective for the company. Needham & Company LLC reduced their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Finally, Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $327.92.

Insiders Place Their Bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now directly owns 42,051 shares in the company, valued at $11,928,186.66. This represents a 3.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total value of $179,400.00. Following the sale, the vice president now directly owns 61,111 shares of the company’s stock, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,220 shares of company stock worth $3,085,474 over the last three months. 1.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dantai Capital Ltd lifted its holdings in Cadence Design Systems by 44.0% during the third quarter. Dantai Capital Ltd now owns 6,377 shares of the software maker’s stock worth $1,728,000 after acquiring an additional 1,947 shares in the last quarter. Synovus Financial Corp lifted its holdings in shares of Cadence Design Systems by 16.3% during the 3rd quarter. Synovus Financial Corp now owns 2,851 shares of the software maker’s stock valued at $773,000 after purchasing an additional 400 shares in the last quarter. Tidal Investments LLC grew its position in shares of Cadence Design Systems by 5.5% in the 3rd quarter. Tidal Investments LLC now owns 25,173 shares of the software maker’s stock valued at $6,823,000 after purchasing an additional 1,317 shares during the period. Blankinship & Foster LLC bought a new stake in Cadence Design Systems during the 3rd quarter worth approximately $501,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Cadence Design Systems during the 3rd quarter worth approximately $2,225,000. 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.