Cadence Design Systems, Inc. (NASDAQ:CDNS) Sees Significant Growth in Short Interest

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totalling 3,560,000 shares, a growth of 6.6% from the August 31st total of 3,340,000 shares. Currently, 1.3% of the shares of the stock are short sold. Based on an average trading volume of 2,040,000 shares, the days-to-cover ratio is presently 1.7 days.

Analysts Set New Price Targets

CDNS has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. KeyCorp raised their price target on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Oppenheimer initiated coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Finally, Robert W. Baird dropped their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $323.60.

Cadence Design Systems Stock Down 2.8 %

Shares of NASDAQ:CDNS opened at $263.32 on Wednesday. The stock’s 50-day moving average price is $266.72 and its two-hundred day moving average price is $288.42. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 12-month low of $227.77 and a 12-month high of $328.99. The firm has a market cap of $71.73 billion, a price-to-earnings ratio of 68.57, a PEG ratio of 3.30 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The business had revenue of $1.06 billion for 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%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the business posted $0.94 EPS. On average, research analysts forecast that Cadence Design Systems will post 4.73 EPS for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the transaction, the director now 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. Over the last quarter, insiders sold 27,672 shares of company stock worth $7,590,312. 1.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cadence Design Systems

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

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.