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

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a large increase in short interest in 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. Currently, 1.9% of the company’s stock are short sold. Based on an average trading volume of 2,050,000 shares, the days-to-cover ratio is currently 2.5 days.

Insider Activity

In other news, CEO Anirudh Devgan sold 93,151 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $252.73, for a total value of $164,274.50. Following the sale, the vice president now owns 58,123 shares of the company’s stock, valued at approximately $14,689,425.79. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,021 shares of company stock worth $31,229,155 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several large investors have recently made changes to their positions in CDNS. Principal Financial Group Inc. raised its stake in shares of Cadence Design Systems by 33.0% in the third quarter. Principal Financial Group Inc. now owns 2,021,494 shares of the software maker’s stock worth $547,886,000 after acquiring an additional 501,833 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in Cadence Design Systems by 17.1% during the 3rd quarter. D.A. Davidson & CO. now owns 1,644 shares of the software maker’s stock worth $446,000 after buying an additional 240 shares in the last quarter. Public Sector Pension Investment Board boosted its position in Cadence Design Systems by 16.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 12,098 shares of the software maker’s stock valued at $3,279,000 after buying an additional 1,700 shares during the last quarter. Bamco Inc. NY increased its stake in shares of Cadence Design Systems by 95.7% in the 3rd quarter. Bamco Inc. NY now owns 33,615 shares of the software maker’s stock valued at $9,111,000 after buying an additional 16,435 shares during the period. Finally, Benjamin Edwards Inc. lifted its stake in shares of Cadence Design Systems by 8,852.4% during the third quarter. Benjamin Edwards Inc. now owns 18,979 shares of the software maker’s stock valued at $5,144,000 after acquiring an additional 18,767 shares during the period. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CDNS. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Oppenheimer dropped their target price on shares of Cadence Design Systems from $225.00 to $200.00 and set an “underperform” rating on the stock in a report on Wednesday, March 19th. Piper Sandler upped their price target on shares of Cadence Design Systems from $318.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Needham & Company LLC reiterated a “buy” rating and issued a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, February 19th. Finally, Bank of America decreased their target price on Cadence Design Systems from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $324.83.

Cadence Design Systems Price Performance

NASDAQ: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 company has a 50-day moving average of $272.48 and a 200-day moving average of $284.34. Cadence Design Systems has a 52 week low of $230.09 and a 52 week high of $328.99. The company has a market capitalization of $70.99 billion, a price-to-earnings ratio of 67.04, a PEG ratio of 3.88 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Tuesday, February 18th. The software maker reported $1.49 earnings per share for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.33). The company had revenue of $1.36 billion for 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, equities research analysts anticipate that Cadence Design Systems will post 5.41 earnings per share for the current fiscal year.

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.