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Shares of Cadence Design Systems (NASDAQ:CDNS) were the target of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 32,014,424 shares, a drop of 13.6% from the July 15th total of 37,033,622 shares, American Banking News.com reports. Based on an average trading volume of 4,090,841 shares, the days-to-cover ratio is currently 7.8 days. Approximately 11.2% of the company’s shares are short sold.

CDNS has been the subject of a number of recent research reports. Analysts at Topeka Capital Markets raised their price target on shares of Cadence Design Systems from $18.00 to $20.00 in a research note on Tuesday, July 22nd. They now have a “buy” rating on the stock. Separately, analysts at Needham & Company LLC raised their price target on shares of Cadence Design Systems from $16.00 to $18.00 in a research note on Tuesday, July 22nd. They now have a “buy” rating on the stock. Finally, analysts at Pacific Crest raised their price target on shares of Cadence Design Systems from $18.00 to $20.00 in a research note on Tuesday, July 22nd. They now have an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $19.29.

Cadence Design Systems (NASDAQ:CDNS) opened at 16.90 on Tuesday. Cadence Design Systems has a 52 week low of $12.55 and a 52 week high of $17.66. The stock has a 50-day moving average of $17.19 and a 200-day moving average of $15.88. The company has a market cap of $4.902 billion and a P/E ratio of 37.44.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 21st. The company reported $0.21 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.01. The company had revenue of $378.80 million for the quarter, compared to the consensus estimate of $375.93 million. During the same quarter last year, the company posted $0.21 earnings per share. Cadence Design Systems’s revenue was up 4.5% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems will post $0.94 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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