Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Up 8.8% in June

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 3,820,000 shares, an increase of 8.8% from the May 31st total of 3,510,000 shares. Currently, 1.4% of the shares of the company are sold short. Based on an average trading volume of 1,560,000 shares, the short-interest ratio is currently 2.4 days.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $1.31 during midday trading on Wednesday, reaching $315.47. The company had a trading volume of 673,152 shares, compared to its average volume of 1,551,754. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. Cadence Design Systems has a 12-month low of $217.77 and a 12-month high of $328.99. The company has a market capitalization of $85.94 billion, a P/E ratio of 82.15, a P/E/G ratio of 3.77 and a beta of 1.03. The firm’s fifty day simple moving average is $295.72 and its 200-day simple moving average is $294.56.

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

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $29,179,582.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the sale, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock worth $14,978,483 in the last 90 days. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Moody National Bank Trust Division lifted its stake in Cadence Design Systems by 1.3% in the 2nd quarter. Moody National Bank Trust Division now owns 4,964 shares of the software maker’s stock worth $1,528,000 after purchasing an additional 66 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Cadence Design Systems by 39.7% in the second quarter. GAMMA Investing LLC now owns 2,532 shares of the software maker’s stock valued at $779,000 after purchasing an additional 719 shares during the last quarter. Transcend Capital Advisors LLC purchased a new position in Cadence Design Systems during the second quarter worth approximately $300,000. Capital Market Strategies LLC increased 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 acquiring an additional 39 shares during the last quarter. Finally, Jackson Wealth Management LLC raised its holdings in shares of Cadence Design Systems by 7.4% during the 1st quarter. Jackson Wealth Management LLC now owns 14,642 shares of the software maker’s stock worth $4,558,000 after acquiring an additional 1,014 shares during the period. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CDNS shares. Piper Sandler reduced their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday, April 23rd. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Bank of America upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $322.00 to $341.00 and gave the company an “outperform” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $334.89.

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.