Cadence Design Systems Inc (NASDAQ:CDNS) saw a large increase in short interest in July. As of July 31st, there was short interest totalling 6,441,200 shares, an increase of 13.9% from the June 30th total of 5,653,000 shares. Approximately 2.3% of the company’s shares are short sold. Based on an average daily volume of 2,240,000 shares, the short-interest ratio is currently 2.9 days.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $75.12, for a total value of $3,004,800.00. Following the transaction, the chief executive officer now directly owns 899,852 shares in the company, valued at approximately $67,596,882.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP James J. Cowie sold 1,251 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $70.83, for a total transaction of $88,608.33. Following the completion of the transaction, the vice president now owns 109,503 shares in the company, valued at $7,756,097.49. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 145,911 shares of company stock worth $10,322,842. 2.34% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in CDNS. Patriot Financial Group Insurance Agency LLC acquired a new stake in Cadence Design Systems during the 2nd quarter worth approximately $26,000. Altshuler Shaham Ltd increased its position in Cadence Design Systems by 109.2% during the 2nd quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock worth $27,000 after purchasing an additional 201 shares in the last quarter. Next Capital Management LLC acquired a new stake in Cadence Design Systems during the 2nd quarter worth approximately $29,000. CWM LLC increased its position in Cadence Design Systems by 217.9% during the 2nd quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after purchasing an additional 305 shares in the last quarter. Finally, Virtus ETF Advisers LLC acquired a new stake in Cadence Design Systems during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 86.39% of the company’s stock.
CDNS has been the topic of a number of recent research reports. Wells Fargo & Co initiated coverage on shares of Cadence Design Systems in a report on Tuesday, May 14th. They issued a “market perform” rating on the stock. Royal Bank of Canada upped their target price on shares of Cadence Design Systems to $73.00 and gave the company an “outperform” rating in a report on Tuesday, April 23rd. Needham & Company LLC upped their target price on shares of Cadence Design Systems to $76.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. DA Davidson upped their target price on shares of Cadence Design Systems to $80.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, ValuEngine lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $64.25.
Shares of CDNS stock traded up $0.14 during trading hours on Thursday, hitting $67.87. 59,273 shares of the company were exchanged, compared to its average volume of 2,137,147. The stock has a market cap of $18.98 billion, a price-to-earnings ratio of 55.41, a PEG ratio of 4.21 and a beta of 1.15. Cadence Design Systems has a 1 year low of $39.08 and a 1 year high of $77.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.52 and a current ratio of 1.60. The business’s fifty day moving average price is $73.00.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The business had revenue of $580.42 million for the quarter, compared to analyst estimates of $579.41 million. Cadence Design Systems had a net margin of 18.83% and a return on equity of 31.86%. The company’s revenue was up 12.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. As a group, equities research analysts predict that Cadence Design Systems will post 1.48 earnings per share for the current 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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