Cadence Design Systems Sees Unusually Large Options Volume (CDNS)

Cadence Design Systems Inc (NASDAQ:CDNS) was the recipient of some unusual options trading activity on Thursday. Stock traders purchased 1,706 put options on the company. This represents an increase of 3,119% compared to the average daily volume of 53 put options.

In related news, President Anirudh Devgan sold 44,526 shares of Cadence Design Systems stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total value of $2,004,115.26. Following the completion of the sale, the president now owns 377,019 shares in the company, valued at $16,969,625.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John M. Wall sold 750 shares of Cadence Design Systems stock in a transaction on Monday, January 8th. The stock was sold at an average price of $43.95, for a total transaction of $32,962.50. Following the completion of the sale, the chief financial officer now owns 109,323 shares of the company’s stock, valued at approximately $4,804,745.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 162,110 shares of company stock worth $7,016,878. 2.55% of the stock is currently owned by corporate insiders.

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Institutional investors have recently added to or reduced their stakes in the company. Pitcairn Co. lifted its holdings in Cadence Design Systems by 3.1% in the fourth quarter. Pitcairn Co. now owns 47,627 shares of the software maker’s stock worth $1,991,000 after purchasing an additional 1,445 shares during the period. First Republic Investment Management Inc. lifted its holdings in Cadence Design Systems by 7.1% in the third quarter. First Republic Investment Management Inc. now owns 22,584 shares of the software maker’s stock worth $892,000 after purchasing an additional 1,491 shares during the period. Standard Life Aberdeen plc lifted its holdings in Cadence Design Systems by 3.3% in the fourth quarter. Standard Life Aberdeen plc now owns 51,273 shares of the software maker’s stock worth $2,144,000 after purchasing an additional 1,656 shares during the period. Public Employees Retirement Association of Colorado lifted its holdings in Cadence Design Systems by 3.2% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 57,400 shares of the software maker’s stock worth $2,400,000 after purchasing an additional 1,766 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in Cadence Design Systems by 5.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 36,934 shares of the software maker’s stock worth $1,458,000 after purchasing an additional 1,811 shares during the period. Institutional investors and hedge funds own 86.73% of the company’s stock.

A number of analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Cadence Design Systems from a “strong sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub lowered shares of Cadence Design Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, February 7th. DA Davidson upgraded shares of Cadence Design Systems from a “neutral” rating to a “buy” rating in a research note on Thursday. Credit Suisse Group restated a “neutral” rating and issued a $43.00 price target (up previously from $37.00) on shares of Cadence Design Systems in a research note on Thursday, February 1st. Finally, ValuEngine upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Cadence Design Systems presently has a consensus rating of “Hold” and a consensus price target of $44.20.

CDNS stock traded down $1.08 during trading on Friday, hitting $35.90. 3,380,223 shares of the company’s stock traded hands, compared to its average volume of 2,749,499. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.53 and a quick ratio of 1.47. Cadence Design Systems has a 52 week low of $30.92 and a 52 week high of $46.00. The firm has a market cap of $10,474.06, a price-to-earnings ratio of 33.87, a PEG ratio of 3.61 and a beta of 1.14.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $501.70 million during the quarter, compared to analyst estimates of $496.20 million. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share. analysts expect that Cadence Design Systems will post 0.85 EPS for the current fiscal year.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

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