Cadence Design Systems Inc (NASDAQ:CDNS) Sees Large Increase in Short Interest

Cadence Design Systems Inc (NASDAQ:CDNS) was the target of a significant growth in short interest during the month of 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 shares of the stock are short sold.

In related news, Director Roger S. Siboni sold 18,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $43.14, for a total transaction of $776,520.00. Following the sale, the director now directly owns 52,194 shares in the company, valued at $2,251,649.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas P. Beckley sold 43,469 shares of the firm’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $44.09, for a total transaction of $1,916,548.21. Following the sale, the insider now owns 225,863 shares in the company, valued at $9,958,299.67. The disclosure for this sale can be found here. Insiders have sold 350,500 shares of company stock worth $15,440,828 over the last three months. 2.55% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. raised its holdings in Cadence Design Systems by 1.4% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,473,694 shares of the software maker’s stock worth $61,630,000 after buying an additional 19,871 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in Cadence Design Systems by 224.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 411,004 shares of the software maker’s stock worth $17,188,000 after buying an additional 284,417 shares during the last quarter. National Pension Service raised its holdings in Cadence Design Systems by 43,079.2% during the fourth quarter. National Pension Service now owns 339,820 shares of the software maker’s stock worth $14,211,000 after buying an additional 339,033 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in Cadence Design Systems during the fourth quarter worth $415,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Cadence Design Systems by 4.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 87,222 shares of the software maker’s stock valued at $3,648,000 after purchasing an additional 3,609 shares during the last quarter. 84.77% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cadence Design Systems (NASDAQ:CDNS) opened at $44.94 on Friday. 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 1-year low of $25.62 and a 1-year high of $45.64. The firm has a market cap of $12,666.67, a P/E ratio of 48.32, a price-to-earnings-growth ratio of 3.68 and a beta of 0.94.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. equities analysts predict that Cadence Design Systems will post 1.06 earnings per share for the current fiscal year.

CDNS has been the subject of a number of analyst reports. Royal Bank of Canada reissued a “buy” rating and issued a $46.00 price objective on shares of Cadence Design Systems in a research report on Friday, October 27th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Wednesday, November 1st. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday, January 10th. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Finally, KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $44.50.

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Cadence Design Systems Company Profile

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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