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. Currently, 2.7% of the company’s stock are sold short. Based on an average daily trading volume, of 1,800,412 shares, the days-to-cover ratio is presently 4.1 days.
Several research firms recently weighed in on CDNS. Credit Suisse Group reissued a “neutral” rating and set a $43.00 price objective (up previously from $37.00) on shares of Cadence Design Systems in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of Cadence Design Systems in a report on Sunday, October 29th. Royal Bank of Canada upped their price objective on Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 11th. DA Davidson upped their price objective on Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Finally, 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 research note on Wednesday, November 1st. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $44.20.
In other news, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $43.52, for a total transaction of $4,352,000.00. Following the completion of the sale, the chief executive officer now owns 533,333 shares in the company, valued at approximately $23,210,652.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas P. Beckley sold 43,469 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 225,863 shares of the company’s stock, valued at approximately $9,958,299.67. The disclosure for this sale can be found here. Insiders have sold 332,500 shares of company stock worth $14,664,308 in the last quarter. 2.55% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Caxton Associates LP raised its stake in shares of Cadence Design Systems by 0.6% in the 2nd quarter. Caxton Associates LP now owns 15,900 shares of the software maker’s stock valued at $532,000 after purchasing an additional 100 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Cadence Design Systems by 6.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock valued at $338,000 after purchasing an additional 612 shares during the period. ETRADE Capital Management LLC raised its stake in shares of Cadence Design Systems by 5.0% in the 2nd quarter. ETRADE Capital Management LLC now owns 18,909 shares of the software maker’s stock valued at $633,000 after purchasing an additional 899 shares during the period. Commonwealth Bank of Australia raised its stake in shares of Cadence Design Systems by 36.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,300 shares during the period. Finally, First Republic Investment Management Inc. raised its stake in shares of Cadence Design Systems by 7.1% in the 3rd quarter. First Republic Investment Management Inc. now owns 22,584 shares of the software maker’s stock valued at $892,000 after purchasing an additional 1,491 shares during the period. 84.47% of the stock is currently owned by institutional investors and hedge funds.
Cadence Design Systems (NASDAQ CDNS) traded down $1.13 during mid-day trading on Friday, hitting $41.10. The stock had a trading volume of 3,800,000 shares, compared to its average volume of 2,020,000. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.72 and a current ratio of 1.53. The firm has a market cap of $11,290.00, a P/E ratio of 56.30, a P/E/G ratio of 3.46 and a beta of 0.97. Cadence Design Systems has a one year low of $28.87 and a one year high of $46.00.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. The business had revenue of $501.70 million for the quarter, compared to the consensus estimate of $496.20 million. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.34 EPS. analysts predict that Cadence Design Systems will post 1.02 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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