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

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the target of a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 2,810,000 shares, a decline of 11.1% from the July 15th total of 3,160,000 shares. Approximately 1.0% of the company’s shares are sold short. Based on an average daily volume of 1,950,000 shares, the short-interest ratio is currently 1.4 days.

Insiders Place Their Bets

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $287.31, for a total transaction of $172,386.00. Following the transaction, the senior vice president now directly owns 19,880 shares of the company’s stock, valued at $5,711,722.80. The disclosure for this sale can be found here. Insiders sold 60,397 shares of company stock valued at $17,805,844 over the last three months. Insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. Ulland Investment Advisors LLC purchased a new stake in shares of Cadence Design Systems during the first quarter worth about $25,000. RiverPark Advisors LLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth approximately $26,000. ORG Partners LLC boosted its position in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after acquiring an additional 82 shares during the last quarter. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems during the 1st quarter valued at approximately $32,000. Finally, Hollencrest Capital Management boosted its position in shares of Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of CDNS opened at $281.96 on Tuesday. The firm has a fifty day simple moving average of $292.35 and a two-hundred day simple moving average of $296.02. The firm has a market cap of $76.81 billion, a PE ratio of 73.43, a P/E/G ratio of 3.14 and a beta of 1.03. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 1-year low of $221.66 and a 1-year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.94 earnings per share. On average, equities analysts anticipate that Cadence Design Systems will post 4.74 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CDNS. KeyCorp increased their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Piper Sandler upgraded shares of 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. Bank of America upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Robert W. Baird cut their price target on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $334.56.

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.