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

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

Cadence Design Systems Stock Performance

CDNS opened at $258.79 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.27 and a current ratio of 2.93. The business’s 50-day simple moving average is $272.48 and its 200 day simple moving average is $284.34. The firm has a market capitalization of $70.99 billion, a PE ratio of 67.04, a PEG ratio of 3.88 and a beta of 1.05. Cadence Design Systems has a 52-week low of $230.09 and a 52-week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 EPS 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%. As a group, sell-side analysts expect that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the subject of a number of recent analyst reports. Bank of America lowered their price objective on shares of Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price target on shares of Cadence Design Systems in a research report on Wednesday, February 19th. Rosenblatt Securities boosted their price objective on Cadence Design Systems from $280.00 to $295.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 target price on the stock. Finally, Loop Capital reduced their price target on shares of Cadence Design Systems from $360.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $324.83.

Insiders Place Their Bets

In related news, CEO Anirudh Devgan sold 93,151 shares of Cadence Design Systems stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $17,320,940. This trade represents a 62.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $252.73, for a total transaction of $164,274.50. Following the completion of the sale, the vice president now directly owns 58,123 shares of the company’s stock, valued at $14,689,425.79. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,021 shares of company stock valued at $31,229,155. Company insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

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

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.