Stock Traders Buy Large Volume of Put Options on Cadence Design Systems (CDNS)

Cadence Design Systems Inc (NASDAQ:CDNS) was the recipient of unusually large options trading activity on Thursday. Traders acquired 1,829 put options on the company. This represents an increase of 2,245% compared to the typical daily volume of 78 put options.

Several equities research analysts have issued reports on CDNS shares. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, November 26th. Royal Bank of Canada reissued a “buy” rating and issued a $46.00 price objective on shares of Cadence Design Systems in a research report on Friday, October 27th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Wednesday, November 1st. Finally, DA Davidson boosted their price objective on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Cadence Design Systems presently has a consensus rating of “Buy” and an average price target of $44.50.

Shares of Cadence Design Systems (NASDAQ CDNS) opened at $42.26 on Tuesday. The stock has a market cap of $11,930.00, a PE ratio of 45.93, a price-to-earnings-growth ratio of 3.35 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72. Cadence Design Systems has a 52-week low of $25.18 and a 52-week high of $45.64.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company had revenue of $485.40 million during the quarter, compared to analysts’ expectations of $481.10 million. During the same period in the previous year, the company earned $0.30 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. equities research analysts anticipate that Cadence Design Systems will post 1.06 earnings per share for the current year.

In related news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $43.52, for a total transaction of $4,352,000.00. Following the completion of the transaction, the chief executive officer now directly owns 533,333 shares of the company’s stock, valued at approximately $23,210,652.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas P. Beckley sold 43,469 shares of Cadence Design Systems stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $44.09, for a total transaction of $1,916,548.21. Following the transaction, the insider now directly owns 225,863 shares of the company’s stock, valued at $9,958,299.67. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 330,974 shares of company stock worth $14,264,010. Insiders own 2.55% of the company’s stock.

Large investors have recently bought and sold shares of the company. Commonwealth Bank of Australia raised its holdings in shares of Cadence Design Systems by 36.6% in the 2nd quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after purchasing an additional 1,300 shares in the last quarter. Advisor Group Inc. raised its holdings in shares of Cadence Design Systems by 151.4% in the 3rd quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after purchasing an additional 2,505 shares in the last quarter. Dupont Capital Management Corp bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $170,000. Parkwood LLC bought a new stake in shares of Cadence Design Systems in the 3rd quarter valued at about $201,000. Finally, Tocqueville Asset Management L.P. bought a new stake in shares of Cadence Design Systems in the 2nd quarter valued at about $206,000. Institutional investors and hedge funds own 84.63% of the company’s stock.

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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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