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

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 3,160,000 shares, a drop of 14.8% from the June 30th total of 3,710,000 shares. Based on an average daily volume of 1,710,000 shares, the days-to-cover ratio is presently 1.8 days. Currently, 1.2% of the shares of the company are short sold.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the sale, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now owns 49,551 shares in the company, valued at $14,228,074.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the transaction, the vice president now owns 95,408 shares in the company, valued at approximately $28,379,109.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,534 shares of company stock worth $14,546,517. 1.99% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently modified their holdings of the stock. Aptus Capital Advisors LLC boosted its stake in shares of Cadence Design Systems by 2.3% during the 2nd quarter. Aptus Capital Advisors LLC now owns 3,285 shares of the software maker’s stock valued at $1,011,000 after buying an additional 74 shares during the period. nVerses Capital LLC boosted its stake in shares of Cadence Design Systems by 300.0% during the 2nd quarter. nVerses Capital LLC now owns 400 shares of the software maker’s stock valued at $123,000 after buying an additional 300 shares during the period. Mizuho Markets Americas LLC acquired a new stake in shares of Cadence Design Systems during the 2nd quarter valued at $4,351,000. Picton Mahoney Asset Management boosted its stake in shares of Cadence Design Systems by 2.2% during the 2nd quarter. Picton Mahoney Asset Management now owns 2,780 shares of the software maker’s stock valued at $856,000 after buying an additional 60 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in shares of Cadence Design Systems by 60.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,444 shares of the software maker’s stock valued at $760,000 after purchasing an additional 924 shares in the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Trading Up 5.7 %

Cadence Design Systems stock traded up $14.55 during midday trading on Wednesday, reaching $267.66. The stock had a trading volume of 4,148,963 shares, compared to its average volume of 1,648,776. The firm’s fifty day simple moving average is $299.20 and its two-hundred day simple moving average is $297.93. Cadence Design Systems has a twelve month low of $217.77 and a twelve month high of $328.99. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm has a market cap of $73.29 billion, a price-to-earnings ratio of 69.70, a PEG ratio of 3.11 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (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 analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.94 EPS. Equities analysts anticipate that Cadence Design Systems will post 4.74 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CDNS shares. Needham & Company LLC restated a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. Piper Sandler restated a “neutral” rating and issued a $318.00 price target on shares of Cadence Design Systems in a research report on Wednesday, July 10th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.