Cadence Design Systems, Inc. (NASDAQ:CDNS) Sees Significant Decline in Short Interest

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

Cadence Design Systems Trading Up 0.0 %

Shares of CDNS stock opened at $263.03 on Friday. Cadence Design Systems has a 1-year low of $228.66 and a 1-year high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The business’s fifty day moving average price is $269.83 and its 200 day moving average price is $285.21. The firm has a market capitalization of $71.66 billion, a PE ratio of 68.50, a P/E/G ratio of 3.37 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.94 EPS. As a group, sell-side analysts forecast that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 transaction, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,347 shares of company stock valued at $7,728,272. 1.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors have recently bought and sold shares of CDNS. Capital Market Strategies LLC increased its holdings in Cadence Design Systems by 3.1% during the 2nd quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after acquiring an additional 39 shares in the last quarter. Inspire Advisors LLC lifted its holdings in Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after purchasing an additional 40 shares in the last quarter. Trust Point Inc. boosted its stake in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after purchasing an additional 40 shares during the last quarter. Wealthcare Advisory Partners LLC grew its holdings in shares of Cadence Design Systems by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares in the last quarter. Finally, Stonegate Investment Group LLC raised its position in shares of Cadence Design Systems by 1.3% in the third quarter. Stonegate Investment Group LLC now owns 3,274 shares of the software maker’s stock valued at $887,000 after buying an additional 42 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on CDNS shares. KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird reduced their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday. They set a “buy” rating and a $320.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $323.27.

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.