Cadence Design Systems, Inc. (NASDAQ:CDNS) Sees Large Increase in Short Interest

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of a large growth in short interest in the month of 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. Based on an average trading volume of 1,880,000 shares, the short-interest ratio is currently 2.1 days. Approximately 1.5% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CDNS shares. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Oppenheimer assumed 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. Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Loop Capital assumed coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price objective for the company. Finally, Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Trading Down 4.4 %

Shares of CDNS traded down $13.33 during midday trading on Friday, hitting $289.71. The stock had a trading volume of 1,583,318 shares, compared to its average volume of 2,441,267. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The business has a 50-day simple moving average of $274.49 and a two-hundred day simple moving average of $282.82. 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 firm has a market cap of $79.46 billion, a P/E ratio of 76.04, a price-to-earnings-growth ratio of 3.93 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results 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 net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts forecast that Cadence Design Systems will post 4.75 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, 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 value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 20.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares in the company, valued at approximately $17,226,148.16. The trade was a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,634 shares of company stock worth $4,217,635 in the last quarter. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Large investors have recently made changes to their positions in the stock. Missouri Trust & Investment Co acquired a new position in Cadence Design Systems during the third quarter valued at approximately $27,000. ORG Partners LLC grew its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the third quarter worth $28,000. Prestige Wealth Management Group LLC raised its stake in Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock valued at $45,000 after purchasing an additional 60 shares during the last quarter. Finally, Chilton Capital Management LLC raised its position in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

About Cadence Design Systems

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.