Cadence Design Systems, Inc. (NASDAQ:CDNS) Sees Large Increase in Short Interest

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Free Report) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,650,000 shares, a growth of 8.6% from the February 29th total of 2,440,000 shares. Based on an average daily trading volume, of 1,510,000 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.0% of the company’s stock are short sold.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the company’s stock in a transaction on Friday, January 12th. The stock was sold at an average price of $267.67, for a total value of $3,078,205.00. Following the completion of the transaction, the director now owns 59,183 shares in the company, valued at approximately $15,841,513.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the company’s stock in a transaction on Friday, January 12th. The stock was sold at an average price of $267.67, for a total value of $3,078,205.00. Following the completion of the transaction, the director now owns 59,183 shares in the company, valued at approximately $15,841,513.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the transaction, the director now owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. In the last three months, insiders sold 221,944 shares of company stock valued at $65,687,991. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Cadence Design Systems by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 24,503,455 shares of the software maker’s stock worth $6,674,006,000 after purchasing an additional 384,637 shares during the last quarter. State Street Corp grew its position in shares of Cadence Design Systems by 1.7% during the second quarter. State Street Corp now owns 11,602,459 shares of the software maker’s stock worth $2,721,009,000 after purchasing an additional 195,878 shares in the last quarter. Jennison Associates LLC grew its position in shares of Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after purchasing an additional 564,085 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cadence Design Systems by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock valued at $1,297,925,000 after buying an additional 103,213 shares in the last quarter. Finally, Norges Bank purchased a new position in Cadence Design Systems during the 4th quarter valued at approximately $770,945,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 1.5 %

CDNS traded up $4.49 on Wednesday, hitting $310.85. 255,326 shares of the company were exchanged, compared to its average volume of 1,509,428. The firm has a fifty day simple moving average of $303.93 and a two-hundred day simple moving average of $274.01. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The stock has a market capitalization of $84.63 billion, a PE ratio of 81.34, a price-to-earnings-growth ratio of 3.80 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the company earned $0.75 EPS. Sell-side analysts expect that Cadence Design Systems will post 4.81 earnings per share for the current year.

Wall Street Analyst Weigh In

CDNS has been the subject of several research reports. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. Robert W. Baird raised their target price on Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 13th. Rosenblatt Securities cut Cadence Design Systems from a “buy” rating to a “neutral” rating and raised their price target for the company from $265.00 to $280.00 in a report on Tuesday, February 13th. Stifel Nicolaus raised their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Wednesday, March 6th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $311.33.

Check Out Our Latest Report on Cadence Design Systems

Cadence Design Systems Company Profile

(Get Free Report)

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.

Further Reading

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