Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Down 9.4% in November
Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report) was the target of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 2,700,000 shares, a drop of 9.4% from the November 15th total of 2,980,000 shares. Currently, 1.0% of the company’s stock are sold short. Based on an average trading volume of 1,300,000 shares, the days-to-cover ratio is presently 2.1 days.
Analyst Ratings Changes
A number of research firms recently commented on CDNS. Rosenblatt Securities lifted their target price on shares of Cadence Design Systems from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. StockNews.com began coverage on Cadence Design Systems in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. KeyCorp lifted their price target on Cadence Design Systems from $270.00 to $290.00 and gave the stock an “overweight” rating in a research report on Thursday, September 14th. Needham & Company LLC reissued a “buy” rating and issued a $268.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 24th. Finally, Bank of America lifted their target price on Cadence Design Systems from $285.00 to $305.00 in a report on Tuesday, October 10th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $264.50.
Get Our Latest Analysis on Cadence Design Systems
Insider Activity
In other Cadence Design Systems news, CEO Anirudh Devgan sold 2,822 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $234.42, for a total value of $661,533.24. Following the completion of the transaction, the chief executive officer now directly owns 139,348 shares in the company, valued at $32,665,958.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total transaction of $240,800.00. Following the transaction, the vice president now directly owns 88,316 shares in the company, valued at approximately $21,266,492.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Anirudh Devgan sold 2,822 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $234.42, for a total value of $661,533.24. Following the completion of the sale, the chief executive officer now owns 139,348 shares of the company’s stock, valued at $32,665,958.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,149 shares of company stock worth $3,615,118. 1.99% of the stock is currently owned by company insiders.
Institutional Trading of Cadence Design Systems
Several institutional investors have recently bought and sold shares of the business. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Cadence Design Systems by 98,001.8% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 714,378,920 shares of the software maker’s stock worth $167,536,144,000 after acquiring an additional 713,650,718 shares in the last quarter. Norges Bank acquired a new position in shares of Cadence Design Systems during the 4th quarter worth about $770,945,000. Alliancebernstein L.P. lifted its stake in Cadence Design Systems by 620.0% in the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after buying an additional 2,543,966 shares in the last quarter. Jennison Associates LLC boosted its holdings in Cadence Design Systems by 33.8% in the 2nd quarter. Jennison Associates LLC now owns 6,483,146 shares of the software maker’s stock worth $1,520,427,000 after buying an additional 1,637,860 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC purchased a new stake in Cadence Design Systems during the 4th quarter worth approximately $227,854,000. 83.95% of the stock is owned by institutional investors and hedge funds.
Cadence Design Systems Stock Performance
Cadence Design Systems stock traded up $1.42 during mid-day trading on Friday, hitting $271.52. The company had a trading volume of 3,717,092 shares, compared to its average volume of 1,637,630. The company has a market capitalization of $73.87 billion, a price-to-earnings ratio of 77.36, a P/E/G ratio of 3.45 and a beta of 1.05. Cadence Design Systems has a 12-month low of $154.88 and a 12-month high of $279.33. The company’s fifty day moving average is $257.18 and its 200-day moving average is $241.76. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 0.21.
Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings results on Monday, October 23rd. The software maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 24.42% and a return on equity of 34.64%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.79 earnings per share. Equities research analysts predict that Cadence Design Systems will post 4.12 EPS for the current year.
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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