Cadence Design Systems Sees Unusually High Options Volume (NASDAQ:CDNS)

Cadence Design Systems Inc (NASDAQ:CDNS) saw unusually large options trading on Thursday. Stock investors bought 1,154 put options on the company. This represents an increase of approximately 886% compared to the typical daily volume of 117 put options.

Cadence Design Systems stock traded down $0.63 during midday trading on Friday, hitting $78.62. The stock had a trading volume of 5,647 shares, compared to its average volume of 1,441,995. The company has a current ratio of 1.70, a quick ratio of 1.59 and a debt-to-equity ratio of 0.23. The stock has a market cap of $20.94 billion, a P/E ratio of 52.16, a P/E/G ratio of 4.43 and a beta of 1.12. Cadence Design Systems has a 12 month low of $51.01 and a 12 month high of $79.59. The business has a fifty day moving average price of $72.90 and a 200 day moving average price of $69.02.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Wednesday, February 12th. The software maker reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The firm had revenue of $599.56 million during the quarter, compared to analyst estimates of $595.48 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. Cadence Design Systems’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 earnings per share. On average, equities analysts anticipate that Cadence Design Systems will post 1.51 EPS for the current fiscal year.

A number of brokerages have recently issued reports on CDNS. Bank of America lifted their target price on Cadence Design Systems from $80.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $85.00 target price on shares of Cadence Design Systems in a research report on Thursday. Needham & Company LLC lifted their target price on Cadence Design Systems from $76.00 to $86.00 and gave the stock a “buy” rating in a research report on Thursday. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating and set a $74.00 target price on the stock. in a research report on Tuesday, December 24th. Finally, Benchmark began coverage on Cadence Design Systems in a research report on Thursday. They set a “buy” rating and a $90.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Cadence Design Systems currently has an average rating of “Hold” and a consensus target price of $82.00.

In other news, VP James J. Cowie sold 1,242 shares of Cadence Design Systems stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $76.31, for a total transaction of $94,777.02. Following the sale, the vice president now directly owns 103,530 shares of the company’s stock, valued at $7,900,374.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $68.83, for a total value of $3,441,500.00. In the last 90 days, insiders have sold 353,949 shares of company stock worth $25,290,546. 2.34% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Cadence Design Systems by 4.7% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 261,159 shares of the software maker’s stock valued at $18,115,000 after acquiring an additional 11,699 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its stake in Cadence Design Systems by 25.5% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 431,221 shares of the software maker’s stock valued at $29,909,000 after acquiring an additional 87,518 shares during the period. Maplelane Capital LLC boosted its stake in Cadence Design Systems by 51.5% in the fourth quarter. Maplelane Capital LLC now owns 100,000 shares of the software maker’s stock valued at $6,936,000 after acquiring an additional 33,999 shares during the period. Amundi Pioneer Asset Management Inc. boosted its stake in Cadence Design Systems by 22.5% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 290,036 shares of the software maker’s stock valued at $20,118,000 after acquiring an additional 53,287 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Cadence Design Systems by 5.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 24,353,670 shares of the software maker’s stock valued at $1,689,171,000 after acquiring an additional 1,361,608 shares during the period. 85.90% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Company Profile

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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