Cadence Design Systems Inc (NASDAQ:CDNS) was the target of a significant growth in short interest in December. As of December 29th, there was short interest totalling 7,392,874 shares, a growth of 15.2% from the December 15th total of 6,415,726 shares. Based on an average daily volume of 1,800,412 shares, the days-to-cover ratio is presently 4.1 days. Currently, 2.7% of the company’s stock are sold short.
In related news, insider Thomas P. Beckley sold 43,469 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $44.09, for a total value of $1,916,548.21. Following the transaction, the insider now owns 225,863 shares in the company, valued at $9,958,299.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Roger S. Siboni sold 18,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $43.14, for a total value of $776,520.00. Following the completion of the transaction, the director now owns 52,194 shares in the company, valued at approximately $2,251,649.16. The disclosure for this sale can be found here. Insiders sold 380,974 shares of company stock valued at $16,516,462 over the last three months. 2.55% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in CDNS. Commonwealth Bank of Australia grew its stake in shares of Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock worth $161,000 after acquiring an additional 1,300 shares during the last quarter. Advisor Group Inc. grew its stake in shares of Cadence Design Systems by 151.4% in the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock worth $165,000 after acquiring an additional 2,505 shares during the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Cadence Design Systems in the third quarter worth $170,000. Parkwood LLC acquired a new stake in shares of Cadence Design Systems in the third quarter worth $201,000. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of Cadence Design Systems in the third quarter worth $207,000. Institutional investors and hedge funds own 84.63% of the company’s stock.
A number of equities analysts recently commented on CDNS shares. Royal Bank of Canada increased their price objective on Cadence Design Systems from $39.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, October 11th. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. DA Davidson increased their price objective on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Wednesday, November 1st. Finally, KeyCorp reiterated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $44.50.
Cadence Design Systems (NASDAQ:CDNS) opened at $44.87 on Friday. The company has a market capitalization of $12,670.00, a P/E ratio of 48.77, a price-to-earnings-growth ratio of 3.61 and a beta of 0.94. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. Cadence Design Systems has a twelve month low of $25.42 and a twelve month high of $45.64.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. The business had revenue of $485.40 million for the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. Cadence Design Systems’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company posted $0.30 earnings per share. equities research analysts forecast that Cadence Design Systems will post 1.06 EPS for the current year.
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About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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