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 increase in short interest during the month of March. As of March 15th, there was short interest totalling 2,650,000 shares, an increase of 8.6% from the February 29th total of 2,440,000 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily volume of 1,510,000 shares, the short-interest ratio is currently 1.8 days.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CDNS shares. Stifel Nicolaus boosted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $310.00 to $330.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 6th. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $289.00 to $302.00 and gave the stock an “outperform” rating in a report on Tuesday, February 13th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Finally, StockNews.com raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $311.33.

Check Out Our Latest Report on CDNS

Cadence Design Systems Trading Up 1.5 %

Shares of CDNS traded up $4.49 on Wednesday, hitting $310.85. 255,326 shares of the stock traded hands, compared to its average volume of 1,509,428. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $84.63 billion, a P/E ratio of 81.34, a P/E/G ratio of 3.80 and a beta of 1.04. The stock’s 50 day moving average is $303.93 and its two-hundred day moving average is $274.01. Cadence Design Systems has a 1 year low of $194.01 and a 1 year high of $327.36.

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

Insider Transactions at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares in the company, valued at $46,375,208.88. 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. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. OFI Invest Asset Management acquired a new stake in Cadence Design Systems during the 3rd quarter valued at $26,000. Valley National Advisers Inc. boosted its stake in Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. VisionPoint Advisory Group LLC bought a new position in Cadence Design Systems during the 2nd quarter valued at $27,000. Harbour Investments Inc. boosted its stake in Cadence Design Systems by 66.1% during the 4th quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after acquiring an additional 39 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new position in Cadence Design Systems during the 4th quarter valued at $28,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

About Cadence Design Systems

(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.

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