Cadence Design Systems, Inc. (NASDAQ:CDNS) was the target of a significant decline in short interest in September. As of September 30th, there was short interest totalling 2,290,000 shares, a decline of 21.8% from the September 15th total of 2,930,000 shares. Based on an average daily volume of 1,570,000 shares, the days-to-cover ratio is currently 1.5 days. Approximately 0.8% of the shares of the company are short sold.
In other Cadence Design Systems news, VP Aneel Zaman sold 1,765 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $111.25, for a total value of $196,356.25. Following the sale, the vice president now directly owns 173,444 shares in the company, valued at $19,295,645. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 50,000 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $109.39, for a total transaction of $5,469,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 141,569 shares of company stock worth $15,402,667. Company insiders own 2.58% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. IBM Retirement Fund grew its stake in Cadence Design Systems by 39.0% during the 3rd quarter. IBM Retirement Fund now owns 8,960 shares of the software maker’s stock valued at $955,000 after acquiring an additional 2,516 shares in the last quarter. IFM Investors Pty Ltd grew its stake in Cadence Design Systems by 11.1% during the 3rd quarter. IFM Investors Pty Ltd now owns 23,008 shares of the software maker’s stock valued at $2,453,000 after acquiring an additional 2,305 shares in the last quarter. Diversified Trust Co grew its stake in shares of Cadence Design Systems by 6.8% in the 3rd quarter. Diversified Trust Co now owns 4,591 shares of the software maker’s stock valued at $490,000 after buying an additional 291 shares in the last quarter. Bowling Portfolio Management LLC grew its stake in shares of Cadence Design Systems by 34.2% in the 3rd quarter. Bowling Portfolio Management LLC now owns 31,371 shares of the software maker’s stock valued at $3,345,000 after buying an additional 7,991 shares in the last quarter. Finally, Strategic Investment Advisors MI bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at approximately $333,000. 86.11% of the stock is currently owned by institutional investors.
Several equities research analysts have commented on CDNS shares. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 21st. Royal Bank of Canada boosted their price objective on Cadence Design Systems from $101.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Bank of America boosted their price objective on Cadence Design Systems from $115.00 to $128.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. UBS Group boosted their price objective on Cadence Design Systems from $91.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Credit Suisse Group restated a “hold” rating and set a $80.00 price objective on shares of Cadence Design Systems in a report on Friday, July 17th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $105.55.
NASDAQ:CDNS traded down $0.27 on Friday, hitting $115.69. 1,169,020 shares of the company’s stock traded hands, compared to its average volume of 1,959,212. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 0.15. Cadence Design Systems has a 1 year low of $51.39 and a 1 year high of $118.22. The firm has a 50-day moving average price of $106.61 and a 200-day moving average price of $95.07. The company has a market cap of $32.25 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 4.47 and a beta of 1.10.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 20th. The software maker reported $0.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.14. Cadence Design Systems had a return on equity of 50.84% and a net margin of 41.74%. The company had revenue of $638.42 million for the quarter, compared to analysts’ expectations of $591.09 million. During the same quarter in the previous year, the business posted $0.57 EPS. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, research analysts forecast that Cadence Design Systems will post 1.88 EPS for the current fiscal year.
About Cadence Design Systems
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an emulation platform; and Protium, a prototyping platform for chip verification.
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