Cadence Design Systems Inc (NASDAQ:CDNS) saw a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 3,860,000 shares, a drop of 7.2% from the June 15th total of 4,160,000 shares. Based on an average trading volume of 2,280,000 shares, the short-interest ratio is currently 1.7 days. Currently, 1.4% of the shares of the company are short sold.
In related news, President Anirudh Devgan sold 150,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $97.00, for a total transaction of $14,550,000.00. Following the sale, the president now directly owns 406,567 shares of the company’s stock, valued at approximately $39,436,999. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $75.54, for a total transaction of $3,777,000.00. Following the sale, the chief executive officer now directly owns 802,128 shares in the company, valued at $60,592,749.12. The disclosure for this sale can be found here. In the last three months, insiders sold 427,876 shares of company stock valued at $37,773,710. Insiders own 2.58% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. Amundi Pioneer Asset Management Inc. raised its stake in Cadence Design Systems by 31.0% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock valued at $18,610,000 after purchasing an additional 69,373 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Cadence Design Systems by 25.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 66,654 shares of the software maker’s stock valued at $4,623,000 after purchasing an additional 13,535 shares in the last quarter. Atria Investments LLC raised its stake in Cadence Design Systems by 27.0% in the fourth quarter. Atria Investments LLC now owns 6,818 shares of the software maker’s stock valued at $473,000 after purchasing an additional 1,448 shares in the last quarter. Franklin Resources Inc. raised its stake in Cadence Design Systems by 13.6% in the fourth quarter. Franklin Resources Inc. now owns 939,673 shares of the software maker’s stock valued at $65,176,000 after purchasing an additional 112,777 shares in the last quarter. Finally, Raymond James & Associates raised its stake in Cadence Design Systems by 3.4% in the fourth quarter. Raymond James & Associates now owns 167,831 shares of the software maker’s stock valued at $11,641,000 after purchasing an additional 5,516 shares in the last quarter. 87.02% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cadence Design Systems stock traded up $1.67 on Thursday, reaching $101.27. The stock had a trading volume of 15,179 shares, compared to its average volume of 1,963,529. Cadence Design Systems has a 1 year low of $51.39 and a 1 year high of $100.96. The company has a market cap of $27.90 billion, a P/E ratio of 28.14, a price-to-earnings-growth ratio of 4.92 and a beta of 1.10. The company has a current ratio of 1.38, a quick ratio of 1.32 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $91.79 and its two-hundred day moving average is $76.84.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 20th. The software maker reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.06. Cadence Design Systems had a net margin of 41.74% and a return on equity of 55.35%. The firm had revenue of $618.00 million for the quarter, compared to the consensus estimate of $613.34 million. During the same period in the prior year, the firm posted $0.54 earnings per share. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Cadence Design Systems will post 1.61 EPS for the current fiscal year.
A number of research firms recently issued reports on CDNS. ValuEngine upgraded shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, March 11th. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Tuesday, March 24th. 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, April 17th. Cfra restated a “buy” rating and set a $89.00 price objective on shares of Cadence Design Systems in a report on Friday, April 24th. Finally, Wells Fargo & Co increased their target price on shares of Cadence Design Systems from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $85.67.
Cadence Design Systems Company Profile
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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