Cadence Design Systems Short Interest Up 7.2% in April (CDNS)
Shares of Cadence Design Systems (NASDAQ:CDNS) were the recipient of a large increase in short interest during the month of April. As of April 30th, there was short interest totalling 34,979,888 shares, an increase of 7.2% from the April 15th total of 32,628,178 shares, Analyst Ratings Network reports. Approximately 12.2% of the shares of the company are sold short. Based on an average trading volume of 5,223,332 shares, the days-to-cover ratio is presently 6.7 days.
A number of research firms have recently commented on CDNS. Analysts at DA Davidson reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Wednesday, April 16th. They now have a $18.00 price target on the stock. Separately, analysts at Zacks downgraded shares of Cadence Design Systems from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 1st. They now have a $17.50 price target on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares of Cadence Design Systems in a research note on Monday, March 17th. They set an “overweight” rating on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $17.38.
Cadence Design Systems (NASDAQ:CDNS) opened at 15.74 on Wednesday. Cadence Design Systems has a 52 week low of $12.55 and a 52 week high of $16.25. The stock has a 50-day moving average of $15.19 and a 200-day moving average of $14.36. The company has a market cap of $4.557 billion and a P/E ratio of 39.23.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.01. The company had revenue of $378.55 million for the quarter, compared to the consensus estimate of $376.80 million. During the same quarter last year, the company posted $0.21 earnings per share. Cadence Design Systems’s revenue was up 6.9% compared to the same quarter last year. Analysts expect that Cadence Design Systems will post $0.97 EPS for the current fiscal year.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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