Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Up 19.1% in March

Cadence Design Systems, Inc. (NASDAQ:CDNS - Get Free Report) was the target of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 5,050,000 shares, an increase of 19.1% from the February 28th total of 4,240,000 shares. Based on an average trading volume of 2,050,000 shares, the short-interest ratio is currently 2.5 days. Currently, 1.9% of the company's stock are short sold.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Bank of America lowered their price target on Cadence Design Systems from $365.00 to $350.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. StockNews.com lowered shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Thursday, February 6th. Redburn Atlantic started coverage on shares of Cadence Design Systems in a research report on Monday, January 13th. They set a "buy" rating and a $350.00 target price on the stock. Robert W. Baird dropped their target price on Cadence Design Systems from $340.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, February 20th. Finally, Oppenheimer cut their price target on shares of Cadence Design Systems from $225.00 to $200.00 and set an "underperform" rating for the company in a report on Wednesday, March 19th. One 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's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $324.83.

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Insider Activity

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the transaction, the vice president now owns 58,123 shares in the company, valued at $14,689,425.79. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 1,950 shares of company stock valued at $518,499. Insiders own 1.99% of the company's stock.

Institutional Trading of Cadence Design Systems

Institutional investors have recently modified their holdings of the company. Golden State Wealth Management LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at approximately $28,000. Ancora Advisors LLC lifted its position in Cadence Design Systems by 1,400.0% during the 4th quarter. Ancora Advisors LLC now owns 120 shares of the software maker's stock worth $36,000 after buying an additional 112 shares in the last quarter. Avalon Trust Co acquired a new position in Cadence Design Systems during the fourth quarter valued at approximately $39,000. Versant Capital Management Inc increased its holdings in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after buying an additional 87 shares during the last quarter. Finally, Prestige Wealth Management Group LLC grew its position in shares of Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock valued at $45,000 after acquiring an additional 60 shares during the period. 84.85% of the stock is currently owned by institutional investors.

Cadence Design Systems Trading Down 0.6 %

Shares of CDNS traded down $1.42 on Monday, reaching $231.47. 1,627,853 shares of the company's stock were exchanged, compared to its average volume of 1,906,987. Cadence Design Systems has a 12 month low of $214.32 and a 12 month high of $328.99. The stock has a market capitalization of $63.49 billion, a P/E ratio of 59.89, a price-to-earnings-growth ratio of 3.88 and a beta of 1.14. 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 business has a 50 day moving average price of $268.08 and a two-hundred day moving average price of $283.85.

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). Cadence Design Systems had a return on equity of 29.24% and a net margin of 22.74%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.35 billion. Research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current year.

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.