Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Down 14.8% in July

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a significant decline in short interest in July. As of July 15th, there was short interest totalling 3,160,000 shares, a decline of 14.8% from the June 30th total of 3,710,000 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average daily volume of 1,710,000 shares, the days-to-cover ratio is currently 1.8 days.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the transaction, the vice president now directly owns 67,144 shares in the company, valued at $18,488,771.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s 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 in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,134 shares of company stock valued at $14,987,093. 1.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently modified their holdings of the business. Empowered Funds LLC raised its position in shares of Cadence Design Systems by 223.8% in the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after acquiring an additional 6,346 shares in the last quarter. Norden Group LLC increased its holdings in Cadence Design Systems by 1,659.3% in the first quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares in the last quarter. Pinebridge Investments L.P. lifted its stake in Cadence Design Systems by 37.5% in the fourth quarter. Pinebridge Investments L.P. now owns 19,307 shares of the software maker’s stock valued at $5,258,000 after buying an additional 5,269 shares during the period. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Cadence Design Systems by 3.6% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 111,740 shares of the software maker’s stock worth $30,435,000 after buying an additional 3,899 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after buying an additional 468,195 shares during the period. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded up $0.26 during midday trading on Monday, hitting $259.05. The stock had a trading volume of 1,506,022 shares, compared to its average volume of 1,623,006. 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 company has a market capitalization of $70.93 billion, a P/E ratio of 67.46, a price-to-earnings-growth ratio of 3.11 and a beta of 1.03. The company’s 50-day moving average price is $300.45 and its 200-day moving average price is $298.25. Cadence Design Systems has a fifty-two week low of $217.77 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 EPS. As a group, equities research analysts predict that Cadence Design Systems will post 4.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CDNS shares. KeyCorp boosted their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock 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 note on Monday, April 22nd. Piper Sandler reaffirmed a “neutral” rating and set a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. Bank of America increased their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $334.56.

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.