Cadence Design Systems Target of Unusually High Options Trading (NASDAQ:CDNS)

Cadence Design Systems Inc (NASDAQ:CDNS) was the target of unusually large options trading activity on Monday. Traders acquired 1,819 put options on the stock. This is an increase of 1,403% compared to the average daily volume of 121 put options.

In other Cadence Design Systems news, VP Surendra Babu Mandava sold 4,027 shares of Cadence Design Systems stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $70.60, for a total value of $284,306.20. Following the transaction, the vice president now directly owns 299,760 shares of the company’s stock, valued at approximately $21,163,056. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $65.29, for a total value of $2,611,600.00. Following the completion of the transaction, the chief executive officer now directly owns 888,272 shares in the company, valued at $57,995,278.88. The disclosure for this sale can be found here. Insiders sold 181,027 shares of company stock valued at $12,183,176 over the last three months. 2.34% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of CDNS. Patriot Financial Group Insurance Agency LLC bought a new position in Cadence Design Systems in the second quarter worth about $26,000. Altshuler Shaham Ltd grew its holdings in shares of Cadence Design Systems by 109.2% during the second quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock valued at $27,000 after buying an additional 201 shares during the last quarter. Next Capital Management LLC bought a new position in Cadence Design Systems in the 2nd quarter valued at approximately $29,000. CWM LLC lifted its position in Cadence Design Systems by 217.9% in the 2nd quarter. CWM LLC now owns 445 shares of the software maker’s stock valued at $32,000 after acquiring an additional 305 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. boosted its stake in Cadence Design Systems by 50.5% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock valued at $30,000 after purchasing an additional 152 shares during the last quarter. Institutional investors and hedge funds own 85.75% of the company’s stock.

CDNS has been the topic of several analyst reports. Wells Fargo & Co raised shares of Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Friday, October 11th. ValuEngine cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. cut their price target on shares of Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Bank of America started coverage on shares of Cadence Design Systems in a research report on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price objective on the stock. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $75.00 price objective (up from $70.00) on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $74.38.

CDNS opened at $67.48 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.59 and a current ratio of 1.70. The stock has a market capitalization of $19.71 billion, a PE ratio of 46.22, a price-to-earnings-growth ratio of 4.41 and a beta of 1.16. The stock’s 50 day moving average price is $66.91 and its 200-day moving average price is $68.45. Cadence Design Systems has a 52-week low of $40.31 and a 52-week high of $77.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 21st. The software maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The company had revenue of $579.60 million during the quarter, compared to analyst estimates of $576.33 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 earnings per share. Research analysts forecast that Cadence Design Systems will post 1.51 EPS for the current fiscal year.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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