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

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 3,820,000 shares, a growth of 8.8% from the May 31st total of 3,510,000 shares. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is presently 2.4 days. Approximately 1.4% of the shares of the stock are sold short.

Cadence Design Systems Trading Down 0.4 %

Shares of Cadence Design Systems stock traded down $1.31 during trading hours on Wednesday, hitting $315.47. The company’s stock had a trading volume of 673,152 shares, compared to its average volume of 1,551,754. The business has a fifty day moving average of $295.72 and a 200 day moving average of $294.56. Cadence Design Systems has a 1-year low of $217.77 and a 1-year high of $328.99. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $85.94 billion, a PE ratio of 82.15, a P/E/G ratio of 3.77 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the firm earned $1.02 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems will post 4.77 EPS for the current year.

Analyst Ratings Changes

Several research firms have commented on CDNS. KeyCorp lifted their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Bank of America lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, May 17th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $334.89.

Insider Buying and Selling at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a filing with the SEC, 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 Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,134 shares of company stock valued at $14,978,483. Insiders own 0.62% of the company’s stock.

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently bought and sold shares of the company. Parkside Financial Bank & Trust raised its position in shares of Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock worth $140,000 after purchasing an additional 38 shares during the period. Highview Capital Management LLC DE boosted its holdings in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after acquiring an additional 39 shares in the last quarter. Fiduciary Trust Co boosted its stake in Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after purchasing an additional 39 shares in the last quarter. Capital Market Strategies LLC grew its stake in shares of Cadence Design Systems by 3.1% in the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock worth $400,000 after purchasing an additional 39 shares during the last quarter. Finally, GraniteShares Advisors LLC increased its holdings in shares of Cadence Design Systems by 1.2% in the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock valued at $1,080,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.