Short Interest in Cadence Design Systems, Inc. (NASDAQ:CDNS) Rises By 19.1%

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

Insiders Place Their Bets

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the transaction, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. The trade was a 20.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares in the company, valued at $17,226,148.16. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,634 shares of company stock valued at $4,217,635. 1.99% of the stock is currently owned by insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors and hedge funds have recently bought and sold shares of CDNS. Prestige Wealth Management Group LLC increased its holdings in shares of Cadence Design Systems by 56.6% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker’s stock worth $45,000 after acquiring an additional 60 shares during the last quarter. Brophy Wealth Management LLC bought a new position in Cadence Design Systems during the third quarter worth $212,000. M&T Bank Corp increased its holdings in shares of Cadence Design Systems by 78.5% in the third quarter. M&T Bank Corp now owns 35,218 shares of the software maker’s stock valued at $9,546,000 after purchasing an additional 15,491 shares during the last quarter. Executive Wealth Management LLC bought a new position in shares of Cadence Design Systems in the third quarter valued at about $524,000. Finally, SGL Investment Advisors Inc. acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth about $698,000. Institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Down 4.4 %

Shares of NASDAQ CDNS traded down $13.33 during trading hours on Friday, hitting $289.71. The company had a trading volume of 1,583,318 shares, compared to its average volume of 1,774,879. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $274.49 and its 200-day moving average is $282.77. The stock has a market capitalization of $79.46 billion, a P/E ratio of 76.04, a price-to-earnings-growth ratio of 3.75 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The company 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 company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 EPS. On average, analysts expect that Cadence Design Systems will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CDNS has been the subject of several research analyst reports. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Loop Capital initiated coverage on Cadence Design Systems in a report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. Robert W. Baird lifted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and an average target price of $326.00.

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.