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

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 4,080,000 shares, a decrease of 6.6% from the January 15th total of 4,370,000 shares. Based on an average trading volume of 1,520,000 shares, the short-interest ratio is presently 2.7 days. Currently, 1.5% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Mizuho lifted their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Loop Capital began coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 target price for the company. Finally, Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $326.08.

Cadence Design Systems Price Performance

NASDAQ CDNS traded down $0.97 during trading on Monday, reaching $295.19. The company’s stock had a trading volume of 2,104,825 shares, compared to its average volume of 1,503,015. The stock has a market capitalization of $80.96 billion, a PE ratio of 77.48, a P/E/G ratio of 3.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The firm has a fifty day moving average of $303.30 and a 200 day moving average of $286.56. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the sale, the vice president now owns 58,773 shares in the company, valued at $17,180,523.36. This represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. The trade was a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 in the last quarter. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Missouri Trust & Investment Co bought a new position in shares of Cadence Design Systems in the 3rd quarter worth $27,000. MidAtlantic Capital Management Inc. bought a new position in Cadence Design Systems during the third quarter valued at approximately $28,000. Golden State Wealth Management LLC bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $28,000. Ancora Advisors LLC boosted its stake in shares of Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock valued at $36,000 after purchasing an additional 112 shares during the period. Finally, Avalon Trust Co bought a new position in shares of Cadence Design Systems in the fourth quarter worth approximately $39,000. 84.85% of the stock is currently owned by institutional investors.

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.