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

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 3,920,000 shares, an increase of 19.1% from the October 15th total of 3,290,000 shares. Based on an average daily volume of 1,880,000 shares, the days-to-cover ratio is presently 2.1 days. Approximately 1.5% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Oppenheimer started coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target on the stock. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $326.00.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 owns 43,551 shares of the company’s stock, valued at approximately $12,019,204.98. This trade represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The trade was a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Missouri Trust & Investment Co bought a new stake in Cadence Design Systems in the third quarter worth $27,000. ORG Partners LLC grew its stake in shares of Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems in the 3rd quarter worth about $28,000. Prestige Wealth Management Group LLC lifted its holdings in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after buying an additional 60 shares during the period. Finally, Chilton Capital Management LLC increased its stake in shares of Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after buying an additional 122 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $13.33 during trading hours on Friday, hitting $289.71. The company’s stock had a trading volume of 1,583,318 shares, compared to its average volume of 2,441,267. The company has a market cap of $79.46 billion, a PE ratio of 76.04, a PEG ratio of 3.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45. The business has a 50 day moving average price of $274.49 and a two-hundred day moving average price of $282.82. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm posted $1.01 EPS. The company’s revenue was up 18.8% on a year-over-year basis. Analysts expect that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

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.