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

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

Cadence Design Systems Stock Performance

Shares of CDNS opened at $315.47 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $85.94 billion, a PE ratio of 82.15, a PEG ratio of 3.77 and a beta of 1.03. Cadence Design Systems has a 1 year low of $217.77 and a 1 year high of $328.99. The stock’s fifty day moving average price is $295.72 and its two-hundred day moving average price is $294.56.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. The company’s revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Design Systems will post 4.77 EPS for the current year.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $307.75, for a total transaction of $184,650.00. Following the completion of the transaction, the senior vice president now directly owns 19,280 shares of the company’s stock, valued at approximately $5,933,420. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,134 shares of company stock worth $14,978,483. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently modified their holdings of CDNS. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter worth approximately $25,000. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter worth approximately $26,000. Valley National Advisers Inc. increased its position in shares of Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $28,000. Finally, Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems in the first quarter worth approximately $32,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on CDNS. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, May 17th. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 23rd. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $334.89.

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.