Today’s Shorts Alert: What’s Cadence Design Systems Incorporated (NASDAQ:CDNS) Upside After This Short Interest Decrease?

November 29, 2016 - By Pete Kolinski   ·   0 Comments

Today's Shorts Alert: What's Cadence Design Systems Incorporated (NASDAQ:CDNS) Upside After This Short Interest Decrease?

The stock of Cadence Design Systems Incorporated (NASDAQ:CDNS) registered a decrease of 10.47% in short interest. CDNS’s total short interest was 10.96 million shares in November as published by FINRA. Its down 10.47% from 12.24M shares, reported previously. With 2.24 million shares average volume, it will take short sellers 5 days to cover their CDNS’s short positions. The stock decreased 0.90% or $0.24 during the last trading session, hitting $26.52. Cadence Design Systems Inc (NASDAQ:CDNS) has risen 12.71% since April 26, 2016 and is uptrending. It has outperformed by 7.45% the S&P500.

Cadence Design Systems, Inc. develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The company has a market cap of $7.68 billion. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP. It has a 32.39 P/E ratio. The Firm provides maintenance for its software, emulation hardware and IP product offerings.

Insitutional Activity: The institutional sentiment decreased to 0.79 in Q2 2016. Its down 0.61, from 1.4 in 2016Q1. The ratio is negative, as 26 funds sold all Cadence Design Systems Inc shares owned while 101 reduced positions. 53 funds bought stakes while 125 increased positions. They now own 245.54 million shares or 5.93% less from 261.03 million shares in 2016Q1.
The Georgia-based Suntrust Banks has invested 0.01% in Cadence Design Systems Inc (NASDAQ:CDNS). Credit Agricole S A holds 0.01% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS) for 118,537 shares. Dodge Cox owns 1.19M shares or 0.03% of their US portfolio. Federated Pa, a Pennsylvania-based fund reported 308,742 shares. Advantus Cap accumulated 36,437 shares or 0.02% of the stock. Paloma Partners Mngmt Communication holds 0.02% or 58,662 shares in its portfolio. Schwab Charles Invest Mngmt last reported 0.02% of its portfolio in the stock. Gideon Capital holds 34,573 shares or 0.49% of its portfolio. Northern Tru has 0.02% invested in the company for 2.79 million shares. Ahl Prtnrs Ltd Liability Partnership has 106,271 shares for 0.14% of their US portfolio. Bnp Paribas Arbitrage Sa last reported 0.01% of its portfolio in the stock. Ajo L P accumulated 0.19% or 1.74M shares. Moreover, Springbok Capital Mngmt Lc has 0.02% invested in Cadence Design Systems Inc (NASDAQ:CDNS) for 6,100 shares. Teachers Retirement Systems Of The State Of Kentucky holds 165,483 shares or 0.05% of its portfolio. Hightower Limited Liability Co accumulated 0.07% or 227,287 shares.

Insider Transactions: Since June 1, 2016, the stock had 0 insider buys, and 17 selling transactions for $22.18 million net activity. $553,999 worth of Cadence Design Systems Inc (NASDAQ:CDNS) was sold by RIBAR GEOFFREY G. Shares for $3.66 million were sold by TAN LIP BU on Wednesday, June 15. On Monday, September 12 SCALISE GEORGE sold $126,350 worth of the stock or 5,000 shares. Shares for $59,225 were sold by Cowie James J on Friday, June 3. DEVGAN ANIRUDH sold $3.23 million worth of Cadence Design Systems Inc (NASDAQ:CDNS) on Thursday, August 11. Hsu Chi-Ping sold 20,312 shares worth $511,050. Shares for $1.47 million were sold by BECKLEY THOMAS P on Thursday, September 22.

Cadence Design Systems Inc (NASDAQ:CDNS) Ratings Coverage

Out of 8 analysts covering Cadence Design Systems Inc (NASDAQ:CDNS), 4 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 50% are positive. Cadence Design Systems Inc has been the topic of 15 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Needham downgraded Cadence Design Systems Inc (NASDAQ:CDNS) on Tuesday, June 14 to “Hold” rating. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) has “Buy” rating given on Tuesday, October 27 by Needham. The firm has “Buy” rating given on Tuesday, October 27 by Topeka Capital Markets. RBC Capital Markets maintained the stock with “Outperform” rating in Tuesday, October 27 report. Benchmark initiated it with “Hold” rating and $22 target price in Thursday, October 8 report. Northland Capital maintained the shares of CDNS in a report on Tuesday, October 27 with “Outperform” rating. The rating was upgraded by DA Davidson to “Buy” on Thursday, February 4. On Monday, October 10 the stock rating was upgraded by DA Davidson to “Buy”. RBC Capital Markets initiated it with “Outperform” rating and $29 target price in Monday, June 6 report. The company was downgraded on Wednesday, April 6 by DA Davidson.

CDNS Company Profile

Cadence Design Systems, Inc. (Cadence), incorporated on April 8, 1987, develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs), and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP. The Firm provides maintenance for its software, emulation hardware and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for ICs and development of custom IP. The Firm offers services and products to electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market divisions, such as mobile and consumer devices, communications, cloud and data center infrastructure, personal computers, automotive systems, medical systems and other devices.

More recent Cadence Design Systems Inc (NASDAQ:CDNS) news were published by: Prnewswire.com which released: “Cadence Releases XJTAG DFT Assistant for OrCAD Capture” on November 08, 2016. Also Prnewswire.com published the news titled: “Cadence Modus Test Solution Enables Support for Safety-Critical SoC Designs …” on November 14, 2016. Prnewswire.com‘s news article titled: “Cadence and MathWorks Provide System-Level Simulation Solutions for Mixed …” with publication date: November 03, 2016 was also an interesting one.

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By Pete Kolinski


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