Cadence Design Systems, Inc. (CDNS) Short Interest Update
Cadence Design Systems, Inc. (NASDAQ:CDNS) was the target of a significant increase in short interest in the month of September. As of September 29th, there was short interest totalling 5,791,127 shares, an increase of 40.0% from the September 15th total of 4,137,654 shares. Based on an average daily volume of 2,863,755 shares, the short-interest ratio is presently 2.0 days. Currently, 2.1% of the company’s shares are sold short.
CDNS has been the topic of several recent analyst reports. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Thursday, July 27th. BidaskClub downgraded Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Bank of America Corporation increased their price target on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Cadence Design Systems in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Cadence Design Systems presently has an average rating of “Buy” and an average target price of $35.60.
In other Cadence Design Systems news, CFO Geoffrey G. Ribar sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $37.55, for a total transaction of $563,250.00. Following the sale, the chief financial officer now directly owns 184,413 shares in the company, valued at $6,924,708.15. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 750 shares of the company’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $40.68, for a total value of $30,510.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 317,036 shares of company stock worth $11,426,150. Company insiders own 2.55% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Janus Henderson Group PLC lifted its holdings in Cadence Design Systems by 73,454.0% in the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after acquiring an additional 20,673,635 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock valued at $149,811,000 after acquiring an additional 1,549,905 shares during the last quarter. AJO LP lifted its holdings in Cadence Design Systems by 416.3% in the second quarter. AJO LP now owns 1,757,187 shares of the software maker’s stock valued at $58,848,000 after acquiring an additional 1,416,833 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cadence Design Systems in the first quarter valued at approximately $38,468,000. Finally, Prudential Financial Inc. lifted its holdings in Cadence Design Systems by 226.0% in the second quarter. Prudential Financial Inc. now owns 1,721,641 shares of the software maker’s stock valued at $57,658,000 after acquiring an additional 1,193,576 shares during the last quarter. Hedge funds and other institutional investors own 84.27% of the company’s stock.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 41.39 on Thursday. The stock has a market capitalization of $11.60 billion, a P/E ratio of 48.13 and a beta of 0.93. Cadence Design Systems has a one year low of $24.15 and a one year high of $41.47. The stock has a 50 day moving average price of $38.80 and a 200 day moving average price of $35.25.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The firm had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $476.21 million. During the same period in the prior year, the firm posted $0.29 earnings per share. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. Equities analysts forecast that Cadence Design Systems will post $1.39 earnings per share 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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