Cadence Design Systems Inc (NASDAQ:CDNS) approaching 52-week high, short interest ramping up

Cadence Design Systems Inc (NASDAQ:CDNS) (Trend Analysis) shares were traded with no significant volume change. The stock closed last trading session at $25.92, up by 0.66%, with a volume of 2,341,346 shares against an average amount for the last three months of 1,861,440.

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Cadence Design Systems Inc (NASDAQ:CDNS) stock is currently trading 2% below its 52-week-high, 41.48% above its 52-week-low. The 1-year stock price history is in the range of $18.32 – $26.45. Cadence Design Systems Inc (CDNS) has a price to earnings ratio of 30.71 versus Technology sector average of 24.21. CDNS stock price has outperformed the Nasdaq by 19.1%. The Electronic Design Automation company is currently valued at $7.58 billion, and its share price closed the last trading session at $25.92. The stock has a 50-day moving average of $25.29 and a 200-day moving average of $24.53.

Cadence Design Systems Inc (CDNS) current short interest stands at 12.75 million shares. It has increased by 5% from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 1.61 million shares, the number of days required to cover the short positions stand at 8 days.

CDNS is forecasted to report earnings per share of $0.18 and a revenue of $449.75 million for the 3rd Quarter of the fiscal year 2016. Cadence Design Systems Inc (CDNS) expects to post results on October 24. The Electronic Design Automation company announced last quarter earnings per share of $0.17 against a consensus Street estimate of $0.18, missing estimate by $0.01. The company posted a revenue of $453 million compared to an estimation of $449.5 million.

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There are currently nine analysts that cover Cadence Design Systems Inc stock. Of those nine, four have a Buy rating, five have a Hold rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $27.83.

A recent analyst activity consisted of RBC Capital reiterating their Outperform stance on July 26. RBC Capital set their price target at $29. This corresponds to a 11.88% upside from the last closing price. On the date of report, the stock closed at $24.26.

Needham downgraded their Buy rating to Hold on June 14. On the date of report, the stock closed at $24.39.

Cadence Design Systems Inc (CDNS) has a debt to equity ratio of 52% compared to Technology sector average of 75.3%. The company has a current ratio of 1.71. This ratio should be higher than one (ideally two) and is an indicator to show if the company is able to finance its short term obligations. Indeed, it should have higher short term assets to dispose in order to cover for its short term liabilities.

Company snapshot

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology. The Company licenses its electronic design automation software technology and provides a variety of professional services. Cadence’s design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

Cadence Design Systems Inc (NASDAQ:CDNS) approaching 52-week high, short interest ramping up was last modified: October 14th, 2016 by Kelly Rhodes