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

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report ) saw a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 3,560,000 shares, an increase of 6.6% from the August 31st total of 3,340,000 shares. Based on an average daily volume of 2,040,000 shares, the short interest rate is currently 1.7 days. About 1.3% of the company’s shares are short-sold.

Insiders place their bets

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The disclosure for this sale can be found here. Insiders have sold 27,672 shares of company stock worth $7,590,312 over the last ninety days. Insiders own 1.99% of the company’s shares.

Institutional investors weigh in on Cadence Design Systems

Several hedge funds have recently made changes to their positions in the company. Gilbert & Cook Inc. increased its position in Cadence Design Systems by 8.3% during the fourth quarter. Gilbert & Cook Inc. now owns 3,619 shares of the software maker’s stock worth $986,000 after buying an additional 278 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of Cadence Design Systems by 17.9% in the 4th quarter. Stifel Financial Corp now owns 80,306 shares of the software maker’s stock worth $21,873,000 after buying an additional 12,194 shares in the last quarter. California State Teachers Retirement System boosted its position in Cadence Design Systems by 0.9% in the fourth quarter. California State Teachers Retirement System now owns 434,760 shares of the software maker’s stock valued at $118,416,000 after purchasing an additional 3,873 shares in the last quarter. APG Asset Management US Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at $14,837,000. Finally, Campbell & CO Investment Adviser LLC lifted its position in shares of Cadence Design Systems by 56.6% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock worth $1,116,000 after purchasing an additional 1,481 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s shares.

Cadence Design Systems stock fell 1.1%

Shares of NASDAQ CDNS traded up $3.10 on Monday, reaching $271.03. The company had a trading volume of 1,773,920 shares, compared to its average volume of 1,719,693. The company has a 50 day moving average of $267.43 and a two hundred day moving average of $288.92. The company has a quick ratio of 1.32, a current ratio of 1.43, and a debt-to-equity ratio of 0.23. The firm has a market cap of $73.83 billion, a P/E ratio of 71.39, a PEG ratio of 3.30 and a beta of 1.02. Cadence Design Systems has a 12-month low of $227.77 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report ) last posted its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s revenue for the quarter was up 8.6% year over year. In the same period last year, the company earned $0.94 per share. As a group, equities research analysts forecast that Cadence Design Systems will post 4.73 earnings per share for the current fiscal year.

Analysts on Wall Street are forecasting an increase

Several brokerages have recently weighed in on CDNS. Oppenheimer began coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a report on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Finally, Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 23. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Moderate Buy” and an average target price of $323.60, according to data from MarketBeat.

See our latest report on CDNS

About Cadence Design Systems

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Cadence Design Systems, Inc provides software, hardware, services and reusable integrated circuit (IC) design blocks worldwide. The company provides functional verification services, including hardware emulation and prototyping. 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.

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