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

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 4,080,000 shares, a drop of 6.6% from the January 15th total of 4,370,000 shares. Based on an average trading volume of 1,520,000 shares, the days-to-cover ratio is currently 2.7 days. Currently, 1.5% of the shares of the stock are short sold.

Cadence Design Systems Stock Down 4.4 %

NASDAQ CDNS traded down $11.96 during trading on Friday, reaching $258.27. 4,553,254 shares of the company's stock were exchanged, compared to its average volume of 1,870,280. Cadence Design Systems has a fifty-two week low of $241.29 and a fifty-two week high of $328.99. The firm has a market capitalization of $70.83 billion, a PE ratio of 66.91, a P/E/G ratio of 3.17 and a beta of 1.03. The company has a current ratio of 2.93, a quick ratio of 2.27 and a debt-to-equity ratio of 0.53. The company's fifty day simple moving average is $301.51 and its 200-day simple moving average is $286.95.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing the consensus estimate of $1.82 by ($0.33). The company had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.35 billion. Cadence Design Systems had a net margin of 22.74% and a return on equity of 29.24%. Sell-side analysts predict that Cadence Design Systems will post 5.57 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on CDNS. StockNews.com downgraded Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Piper Sandler boosted their price objective on Cadence Design Systems from $318.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday. Mizuho increased their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Rosenblatt Securities boosted their price target on Cadence Design Systems from $280.00 to $295.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Bank of America reduced their price objective on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $326.92.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CFO John M. Wall sold 4,224 shares of the business's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the completion of the transaction, the chief financial officer now directly owns 29,248 shares in the company, valued at approximately $9,038,509.44. The trade was a 12.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares in the company, valued at $17,320,940. This trade represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 108,416 shares of company stock worth $33,538,875. 1.99% of the stock is owned by corporate insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in shares of Cadence Design Systems by 10.7% during the 4th quarter. Principal Financial Group Inc. now owns 2,237,569 shares of the software maker's stock valued at $672,300,000 after buying an additional 216,075 shares during the last quarter. Pittenger & Anderson Inc. lifted its stake in Cadence Design Systems by 50.1% in the fourth quarter. Pittenger & Anderson Inc. now owns 5,289 shares of the software maker's stock valued at $1,589,000 after acquiring an additional 1,766 shares during the last quarter. Meridiem Investment Management Ltd. increased its stake in shares of Cadence Design Systems by 64.3% during the 4th quarter. Meridiem Investment Management Ltd. now owns 783,906 shares of the software maker's stock worth $235,625,000 after purchasing an additional 306,887 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Cadence Design Systems by 132.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 139,288 shares of the software maker's stock worth $41,850,000 after purchasing an additional 79,268 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Cadence Design Systems by 48.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 952,427 shares of the software maker's stock valued at $258,136,000 after purchasing an additional 310,250 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Cadence Design Systems Company Profile

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.