Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Down 14.8% in July

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of a large decline in short interest in July. As of July 15th, there was short interest totalling 3,160,000 shares, a decline of 14.8% from the June 30th total of 3,710,000 shares. Approximately 1.2% of the company’s stock are short sold. Based on an average trading volume of 1,710,000 shares, the days-to-cover ratio is currently 1.8 days.

Insider Buying and Selling

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares of the company’s stock, valued at $18,488,771.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 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 $275,360.00. Following the completion of the sale, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value 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 disclosure for this sale can be found here. Insiders sold a total of 50,134 shares of company stock worth $14,987,093 in the last 90 days. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares in the last quarter. Jennison Associates LLC grew its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares during the period. Norges Bank purchased a new stake in Cadence Design Systems in the 4th quarter worth $1,141,059,000. Nordea Investment Management AB lifted its holdings in Cadence Design Systems by 7.7% during the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Cadence Design Systems by 25.4% in the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

Shares of CDNS traded up $0.26 during mid-day trading on Monday, reaching $259.05. The company had a trading volume of 1,506,022 shares, compared to its average volume of 1,623,006. The stock has a market capitalization of $70.93 billion, a P/E ratio of 67.46, a PEG ratio of 3.11 and a beta of 1.03. Cadence Design Systems has a 52-week low of $217.77 and a 52-week high of $328.99. The stock has a 50 day moving average of $300.45 and a two-hundred day moving average of $298.25. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.94 earnings per share. On average, analysts expect that Cadence Design Systems will post 4.74 earnings per share for the current year.

Analyst Ratings Changes

CDNS has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Piper Sandler reaffirmed a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 10th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

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.