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

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 3,920,000 shares, a growth of 19.1% from the October 15th total of 3,290,000 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily volume of 1,880,000 shares, the days-to-cover ratio is currently 2.1 days.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CDNS. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target on the stock. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price on the stock. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus target price of $326.00.

Cadence Design Systems Stock Down 4.4 %

Shares of NASDAQ:CDNS traded down $13.33 during midday trading on Friday, reaching $289.71. The company had a trading volume of 1,583,318 shares, compared to its average volume of 2,441,267. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a market cap of $79.46 billion, a PE ratio of 76.04, a P/E/G ratio of 3.93 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average price is $274.49 and its 200 day moving average price is $282.82.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The business’s revenue was up 18.8% compared to the same quarter last year. Research analysts forecast that Cadence Design Systems will post 4.75 EPS for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the sale, the vice president now owns 64,544 shares of the company’s stock, valued at $17,226,148.16. This represents a 1.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction that occurred 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 represents a 20.55 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several large investors have recently modified their holdings of CDNS. Prestige Wealth Management Group LLC increased its stake in shares of Cadence Design Systems by 56.6% during the third quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after purchasing an additional 60 shares during the period. Brophy Wealth Management LLC acquired a new position in shares of Cadence Design Systems during the 3rd quarter worth approximately $212,000. M&T Bank Corp raised its position in shares of Cadence Design Systems by 78.5% in the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock valued at $9,546,000 after buying an additional 15,491 shares in the last quarter. Executive Wealth Management LLC bought a new stake in shares of Cadence Design Systems in the third quarter valued at approximately $524,000. Finally, SGL Investment Advisors Inc. acquired a new stake in Cadence Design Systems during the third quarter worth approximately $698,000. 84.85% of the stock is owned by institutional investors.

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.