Cadence Design Systems Short Interest Up 4.0% in June (CDNS)
Shares of Cadence Design Systems (NASDAQ:CDNS) were the target of a significant growth in short interest in June. As of June 13th, there was short interest totalling 39,127,799 shares, a growth of 4.0% from the May 30th total of 37,624,394 shares, Analyst Ratings.Net reports. Based on an average daily volume of 3,501,356 shares, the short-interest ratio is presently 11.2 days. Approximately 13.7% of the shares of the company are sold short.
A number of research firms have recently commented on CDNS. Analysts at Summit Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. They now have a $19.00 price target on the stock, up previously from $16.00. Separately, 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. Finally, 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. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Cadence Design Systems currently has an average rating of “Buy” and a consensus target price of $17.63.
Cadence Design Systems (NASDAQ:CDNS) opened at 17.34 on Monday. Cadence Design Systems has a 1-year low of $12.55 and a 1-year high of $17.55. The stock’s 50-day moving average is $16.64 and its 200-day moving average is $15.21. The company has a market cap of $5.020 billion and a price-to-earnings ratio of 43.26.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 21st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that Cadence Design Systems will post $0.97 earnings per share 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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