Cadence Design Systems, Inc. (NASDAQ:CDNS) Short Interest Update

Cadence Design Systems, Inc. (NASDAQ:CDNS) saw a significant decrease in short interest in 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 company’s shares are sold short. Based on an average daily trading volume, of 1,520,000 shares, the short-interest ratio is currently 2.7 days.

Insider Buying and Selling

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $292.32, for a total value of $190,008.00. Following the completion of the transaction, the vice president now directly owns 58,773 shares of the company’s stock, valued at approximately $17,180,523.36. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 108,416 shares of company stock valued at $33,538,875 over the last three months. Corporate insiders own 1.99% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several hedge funds have recently modified their holdings of CDNS. Two Sigma Investments LP purchased a new stake in Cadence Design Systems in the 4th quarter worth $1,352,000. Tairen Capital Ltd purchased a new position in Cadence Design Systems during the 4th quarter valued at approximately $1,502,000. Texas Bank & Trust Co purchased a new stake in shares of Cadence Design Systems during the 4th quarter worth approximately $225,000. Teza Capital Management LLC boosted its position in shares of Cadence Design Systems by 3.6% during the 4th quarter. Teza Capital Management LLC now owns 2,183 shares of the software maker’s stock valued at $656,000 after acquiring an additional 76 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of Cadence Design Systems by 271.9% in the fourth quarter. Tidal Investments LLC now owns 93,610 shares of the software maker’s stock valued at $28,126,000 after purchasing an additional 68,437 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS traded down $0.97 during trading on Monday, hitting $295.19. 2,104,825 shares of the company’s stock were exchanged, compared to its average volume of 1,503,015. The business’s 50-day simple moving average is $303.30 and its 200 day simple moving average is $286.56. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. Cadence Design Systems has a 52-week low of $241.29 and a 52-week high of $328.99. The company has a market cap of $80.96 billion, a price-to-earnings ratio of 77.48, a PEG ratio of 3.50 and a beta of 1.03.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of recent analyst reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company initiated coverage on Cadence Design Systems in a report on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price objective for the company. Redburn Atlantic initiated coverage on shares of Cadence Design Systems in a report on Monday, January 13th. They set a “buy” rating and a $350.00 price target on the stock. Robert W. Baird increased their price objective on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, Loop Capital started coverage on Cadence Design Systems in a report on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average price target of $326.08.

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.