Short Interest in Cadence Design Systems, Inc. (NASDAQ:CDNS) Declines By 7.4%

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 3,630,000 shares, a drop of 7.4% from the October 31st total of 3,920,000 shares. Currently, 1.3% of the company’s stock are sold short. Based on an average daily trading volume, of 1,900,000 shares, the days-to-cover ratio is presently 1.9 days.

Cadence Design Systems Stock Performance

CDNS stock traded up $2.98 during trading hours on Tuesday, hitting $313.25. 1,451,530 shares of the stock were exchanged, compared to its average volume of 1,756,817. The company has a 50-day simple moving average of $283.44 and a two-hundred day simple moving average of $284.69. The firm has a market capitalization of $85.91 billion, a P/E ratio of 82.22, a P/E/G ratio of 4.21 and a beta of 1.03. Cadence Design Systems has a 12 month low of $241.29 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 EPS. On average, analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $275.98, for a total transaction of $413,970.00. Following the completion of the transaction, the director now directly owns 43,551 shares of the company’s stock, valued at $12,019,204.98. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,984 shares of company stock valued at $1,385,056. 0.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems in the third quarter worth about $27,000. ORG Partners LLC lifted its position in shares of Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after purchasing an additional 82 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter worth approximately $28,000. Prestige Wealth Management Group LLC increased its stake in Cadence Design Systems by 56.6% in the third 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 in the last quarter. Finally, Chilton Capital Management LLC boosted its holdings in Cadence Design Systems by 244.0% in the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after acquiring an additional 122 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on CDNS shares. Wells Fargo & Company began coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an “overweight” rating and a $350.00 target price for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Oppenheimer started coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Berenberg Bank began coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $326.00.

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.