What’s Next for Cadence Design Systems Incorporated (NASDAQ:CDNS) After Having More Shares Shorted?

September 17, 2017 - By Vivian Currie

 What's Next for Cadence Design Systems Incorporated (NASDAQ:CDNS) After Having More Shares Shorted?

Investors sentiment decreased to 0.77 in 2016 Q4. Its down 0.02, from 0.79 in 2016Q3. It is negative, as 29 investors sold Cadence Design Systems Inc shares while 135 reduced holdings. 42 funds opened positions while 85 raised stakes. 228.19 million shares or 3.52% less from 236.52 million shares in 2016Q3 were reported.
State Of Tennessee Treasury Department owns 0.03% invested in Cadence Design Systems Inc (NASDAQ:CDNS) for 255,400 shares. First Citizens State Bank And Trust Company reported 16,290 shares stake. Whittier Tru Com Of Nevada Inc reported 600 shares or 0% of all its holdings. Jpmorgan Chase & Company holds 0% in Cadence Design Systems Inc (NASDAQ:CDNS) or 384,919 shares. Nj State Employees Deferred Compensation Plan holds 38,250 shares or 0.19% of its portfolio. Creative Planning stated it has 1,179 shares or 0% of all its holdings. Royal State Bank Of Canada reported 661,545 shares stake. Old Mutual Customised Solutions (Proprietary) holds 0.01% or 2,300 shares. Fukoku Mutual Life Ins reported 0.03% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS). British Columbia invested in 0.02% or 98,368 shares. Liberty Mutual Group Inc Inc Asset Mngmt Inc owns 125,759 shares. Geode Cap Management Ltd Limited Liability Company invested in 2.25 million shares or 0.03% of the stock. Contravisory Management accumulated 9,334 shares or 0.08% of the stock. Sg Americas Secs Lc invested in 0.01% or 54,259 shares. Timber Hill Ltd Liability reported 19,464 shares stake.

Since May 15, 2017, it had 0 buys, and 6 insider sales for $12.60 million activity. The insider TAN LIP BU sold 100,000 shares worth $3.40 million. SHOVEN JOHN B sold 50,000 shares worth $1.70 million. Shares for $959,087 were sold by ZAMAN ANEEL. Cowie James J had sold 55,000 shares worth $1.83M on Monday, May 22.

The stock of Cadence Design Systems Incorporated (NASDAQ:CDNS) registered an increase of 11.74% in short interest. CDNS’s total short interest was 4.04M shares in September as published by FINRA. Its up 11.74% from 3.62M shares, reported previously. With 1.42M shares average volume, it will take short sellers 3 days to cover their CDNS’s short positions. The short interest to Cadence Design Systems Incorporated’s float is 1.47%.

The stock increased 0.66% or $0.25 on September 15, reaching $38.27. About 57.22 million shares traded or 1359.69% up from the average. Cadence Design Systems Inc (NASDAQ:CDNS) has risen 37.90% since September 17, 2016 and is uptrending. It has outperformed by 21.20% the S&P500.

Cadence Design Systems, Inc. provides solutions that enable its clients to design electronic products. The company has market cap of $10.72 billion. The Company’s product categories include Functional Verification, Digital integrated circuits Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP). It has a 44.7 P/E ratio. Functional verification products are used to verify that the circuitry or the software designed will perform as intended.

Cadence Design Systems Inc (NASDAQ:CDNS) Ratings Coverage

Among 9 analysts covering Cadence Design Systems Inc (NASDAQ:CDNS), 5 have Buy rating, 1 Sell and 3 Hold. Therefore 56% are positive. Cadence Design Systems Inc had 21 analyst reports since July 29, 2015 according to SRatingsIntel. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) has “Buy” rating given on Monday, October 10 by DA Davidson. RBC Capital Markets initiated Cadence Design Systems Inc (NASDAQ:CDNS) rating on Monday, June 6. RBC Capital Markets has “Outperform” rating and $29 target. DA Davidson upgraded the stock to “Buy” rating in Thursday, February 4 report. Topeka Capital Markets maintained the shares of CDNS in report on Tuesday, October 27 with “Buy” rating. The stock has “Buy” rating by RBC Capital Markets on Friday, May 26. The firm earned “Buy” rating on Tuesday, July 25 by Bank of America. The stock has “Underweight” rating by JP Morgan on Monday, December 12. The rating was downgraded by Needham to “Hold” on Tuesday, June 14. RBC Capital Markets maintained the stock with “Buy” rating in Thursday, August 31 report. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) has “Outperform” rating given on Tuesday, October 27 by Northland Capital.

More notable recent Cadence Design Systems Inc (NASDAQ:CDNS) news were published by: Prnewswire.com which released: “Cadence Tools and Flows Achieve Production-Ready Certification for TSMC’s …” on September 11, 2017, also Seekingalpha.com with their article: “Cadence Design Systems’ (CDNS) Management presents Deutsche Bank Technology …” published on September 13, 2017, Prnewswire.com published: “Cadence Introduces the Conformal Smart Logic Equivalence Checker” on September 14, 2017. More interesting news about Cadence Design Systems Inc (NASDAQ:CDNS) were released by: Zacks.com and their article: “Why Is Cadence Design (CDNS) Up 5% Since the Last Earnings Report?” published on August 24, 2017 as well as Prnewswire.com‘s news article titled: “Cadence Announces Legato Memory Solution, Industry’s First Integrated Memory …” with publication date: September 07, 2017.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.