Cadence Design Systems Inc (CDNS) Short Interest Update

Cadence Design Systems Inc (NASDAQ:CDNS) was the recipient of a significant increase in short interest in the month of December. As of December 29th, there was short interest totalling 7,392,874 shares, an increase of 15.2% from the December 15th total of 6,415,726 shares. Currently, 2.7% of the shares of the company are sold short. Based on an average daily volume of 1,800,412 shares, the days-to-cover ratio is presently 4.1 days.

Shares of Cadence Design Systems (NASDAQ:CDNS) opened at $44.87 on Friday. Cadence Design Systems has a 12 month low of $25.42 and a 12 month high of $45.64. The firm has a market capitalization of $12,670.00, a price-to-earnings ratio of 48.77, a PEG ratio of 3.61 and a beta of 0.94. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The company had revenue of $485.40 million during the quarter, compared to analyst estimates of $481.10 million. During the same period last year, the company posted $0.30 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. sell-side analysts predict that Cadence Design Systems will post 1.06 EPS for the current year.

In other Cadence Design Systems news, VP James J. Cowie sold 35,000 shares of Cadence Design Systems stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $42.75, for a total transaction of $1,496,250.00. Following the completion of the transaction, the vice president now directly owns 117,082 shares of the company’s stock, valued at $5,005,255.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction on Monday, October 16th. The shares were sold at an average price of $41.97, for a total value of $4,197,000.00. Following the transaction, the chief executive officer now directly owns 445,833 shares of the company’s stock, valued at $18,711,611.01. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 380,974 shares of company stock valued at $16,516,462. 2.55% of the stock is owned by company insiders.

Several large investors have recently made changes to their positions in the company. Janus Henderson Group PLC increased its position in Cadence Design Systems by 73,454.0% in the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after purchasing an additional 20,673,635 shares during the period. APG Asset Management N.V. increased its position in Cadence Design Systems by 20,049.7% in the third quarter. APG Asset Management N.V. now owns 3,667,241 shares of the software maker’s stock worth $144,746,000 after purchasing an additional 3,649,041 shares during the period. Canada Pension Plan Investment Board increased its position in Cadence Design Systems by 88.3% in the third quarter. Canada Pension Plan Investment Board now owns 2,941,000 shares of the software maker’s stock worth $116,081,000 after purchasing an additional 1,378,800 shares during the period. Koch Industries Inc. increased its position in Cadence Design Systems by 10,354.0% in the second quarter. Koch Industries Inc. now owns 1,024,180 shares of the software maker’s stock worth $994,000 after purchasing an additional 1,014,383 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Cadence Design Systems by 29.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,782,819 shares of the software maker’s stock worth $93,197,000 after purchasing an additional 630,554 shares during the period. Institutional investors own 84.63% of the company’s stock.

A number of research analysts have issued reports on the company. BidaskClub raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. DA Davidson raised their target price on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Wednesday, November 1st. Royal Bank of Canada raised their target price on Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $44.50.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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