Cadence Design Systems, Inc. (NASDAQ:CDNS) Sees Significant Decline in Short Interest

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 4,080,000 shares, a decrease of 6.6% from the January 15th total of 4,370,000 shares. Approximately 1.5% of the shares of the company are short sold. Based on an average daily trading volume, of 1,520,000 shares, the days-to-cover ratio is presently 2.7 days.

Insider Transactions at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $306.19, for a total value of $199,023.50. Following the sale, the vice president now owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Anirudh Devgan sold 93,151 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at approximately $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock worth $33,538,875 over the last quarter. 1.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CDNS. Creative Planning boosted its holdings in Cadence Design Systems by 9.1% in the third quarter. Creative Planning now owns 48,389 shares of the software maker’s stock valued at $13,115,000 after purchasing an additional 4,038 shares in the last quarter. Swedbank AB grew its position in shares of Cadence Design Systems by 15.1% in the 3rd quarter. Swedbank AB now owns 1,753,814 shares of the software maker’s stock valued at $475,336,000 after buying an additional 230,672 shares during the last quarter. Good Life Advisors LLC purchased a new position in shares of Cadence Design Systems in the 3rd quarter valued at $278,000. Secure Asset Management LLC acquired a new stake in Cadence Design Systems during the 3rd quarter worth $225,000. Finally, Trust Point Inc. boosted its stake in Cadence Design Systems by 2.9% in the third quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after acquiring an additional 40 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CDNS. Redburn Atlantic began coverage on shares of Cadence Design Systems in a research note on Monday, January 13th. They issued a “buy” rating and a $350.00 price target on the stock. Wells Fargo & Company began coverage on shares of Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Needham & Company LLC reduced their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Finally, Loop Capital assumed coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a “buy” rating and a $360.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $326.08.

Cadence Design Systems Stock Up 1.2 %

NASDAQ:CDNS traded up $3.49 during trading hours on Tuesday, hitting $298.68. The company’s stock had a trading volume of 663,249 shares, compared to its average volume of 1,470,429. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $81.92 billion, a P/E ratio of 78.54, a price-to-earnings-growth ratio of 3.50 and a beta of 1.03. The stock has a fifty day moving average of $303.01 and a 200-day moving average of $286.80.

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 enterprise emulation platform; and Protium, a prototyping platform for chip verification.