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

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

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the sale, the director now owns 46,551 shares in the company, valued at approximately $14,643,548.07. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $314.57, for a total transaction of $471,855.00. Following the transaction, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the sale, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. The disclosure for this sale can be found here. Insiders sold a total of 27,672 shares of company stock worth $7,590,312 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Gilbert & Cook Inc. increased its position in Cadence Design Systems by 8.3% during the fourth 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 grew its stake in shares of 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 period. California State Teachers Retirement System raised its holdings in shares of Cadence Design Systems by 0.9% in the fourth quarter. California State Teachers Retirement System now owns 434,760 shares of the software maker’s stock worth $118,416,000 after acquiring an additional 3,873 shares during the last quarter. APG Asset Management US Inc. acquired a new stake in Cadence Design Systems during the fourth quarter worth approximately $14,837,000. Finally, Campbell & CO Investment Adviser LLC increased its stake in Cadence Design Systems by 56.6% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 4,096 shares of the software maker’s stock valued at $1,116,000 after purchasing an additional 1,481 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of several research reports. Oppenheimer began coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They set an “underperform” rating and a $225.00 target price for the company. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a report on Tuesday, August 6th. KeyCorp raised their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $323.60.

Cadence Design Systems Trading Down 1.1 %

Shares of NASDAQ:CDNS traded down $3.10 during midday trading on Monday, hitting $271.03. 1,773,920 shares of the stock traded hands, compared to its average volume of 1,719,693. Cadence Design Systems has a one year low of $227.77 and a one year high of $328.99. 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 business’s 50 day moving average is $267.43 and its two-hundred day moving average is $288.92. The stock has a market capitalization of $73.83 billion, a PE ratio of 71.39, a P/E/G ratio of 3.30 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company posted $0.94 earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, research analysts forecast that Cadence Design Systems will post 4.73 earnings per share for the current year.

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.