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

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 4,080,000 shares, a decrease of 6.6% from the January 15th total of 4,370,000 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average trading volume of 1,520,000 shares, the days-to-cover ratio is currently 2.7 days.

Insider Buying and Selling

In related news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the sale, the vice president now owns 58,773 shares in the company, valued at approximately $17,180,523.36. The trade was a 1.09 % 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, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by insiders.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Cadence Design Systems during the third quarter worth about $28,000. Golden State Wealth Management LLC purchased a new stake in Cadence Design Systems in the fourth quarter valued at approximately $28,000. Ancora Advisors LLC raised its position in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares during the last quarter. Finally, Avalon Trust Co acquired a new stake in Cadence Design Systems during the 4th quarter valued at approximately $39,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Needham & Company LLC decreased their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Redburn Atlantic began coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a “buy” rating and a $350.00 price target for the company. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. Wells Fargo & Company assumed coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 price target on the stock. Finally, Robert W. Baird increased their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $326.08.

Cadence Design Systems Stock Up 1.2 %

Shares of CDNS stock traded up $3.49 during trading hours on Tuesday, reaching $298.68. 663,249 shares of the company’s stock were exchanged, compared to its average volume of 1,470,429. The stock has a market cap of $81.92 billion, a PE ratio of 78.54, a PEG ratio of 3.50 and a beta of 1.03. 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 stock’s fifty day moving average price is $303.01 and its two-hundred day moving average price is $286.80. Cadence Design Systems has a 1 year low of $241.29 and a 1 year high of $328.99.

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.