Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Down 5.6% in September

16 Oct 2024, 05:06 by Scott Moore · The Cerbat Gem

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report) saw a significant drop in short interest in September. As of September 30th, there was short interest totalling 3,360,000 shares, a drop of 5.6% from the September 15th total of 3,560,000 shares. Based on an average daily volume of 2,050,000 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.2% of the company’s stock are short sold.

Insider Transactions at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total transaction of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,847 shares of company stock worth $7,302,782. 1.99% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently bought and sold shares of CDNS. Vanguard Group Inc. grew its holdings in Cadence Design Systems by 1.8% in the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after purchasing an additional 437,101 shares during the last quarter. Jennison Associates LLC grew its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after acquiring an additional 459,603 shares during the last quarter. Legal & General Group Plc increased its holdings in Cadence Design Systems by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock valued at $772,187,000 after acquiring an additional 43,654 shares in the last quarter. Van ECK Associates Corp raised its position in Cadence Design Systems by 10.5% during the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock worth $675,731,000 after acquiring an additional 209,301 shares during the last quarter. Finally, Nordea Investment Management AB lifted its holdings in shares of Cadence Design Systems by 7.7% in the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CDNS shares. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday. They issued a “buy” rating and a $320.00 target price for the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, October 7th. KeyCorp increased their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird dropped their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Finally, Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $323.27.

View Our Latest Stock Report on CDNS

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $269.47 on Wednesday. The firm has a market capitalization of $73.41 billion, a P/E ratio of 70.17, a PEG ratio of 3.37 and a beta of 1.02. Cadence Design Systems has a one year low of $228.66 and a one year high of $328.99. The company’s fifty day moving average is $269.69 and its two-hundred day moving average is $285.52. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. Analysts forecast that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Cadence Design Systems Company Profile

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