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

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Free Report) saw unusually large options trading on Monday. Investors bought 4,585 call options on the stock. This represents an increase of 159% compared to the average daily volume of 1,772 call options.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $5.36 on Monday, reaching $306.58. 3,126,720 shares of the company were exchanged, compared to its average volume of 1,504,000. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.31 and a current ratio of 1.44. The company’s 50-day moving average is $277.26 and its two-hundred day moving average is $254.90. The firm has a market cap of $83.41 billion, a price-to-earnings ratio of 88.87, a P/E/G ratio of 3.76 and a beta of 1.07. Cadence Design Systems has a 1-year low of $183.80 and a 1-year high of $315.70.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 7,500 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $270.32, for a total value of $2,027,400.00. Following the completion of the sale, the vice president now owns 109,179 shares of the company’s stock, valued at $29,513,267.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, VP Chin-Chi Teng sold 7,500 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $270.32, for a total value of $2,027,400.00. Following the completion of the sale, the vice president now owns 109,179 shares of the company’s stock, valued at $29,513,267.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the company’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $267.67, for a total value of $3,078,205.00. Following the completion of the sale, the director now directly owns 59,183 shares of the company’s stock, valued at approximately $15,841,513.61. The disclosure for this sale can be found here. Insiders sold 70,178 shares of company stock worth $19,409,553 over the last three months. 1.67% of the stock is owned by insiders.

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cibc World Market Inc. increased its position in Cadence Design Systems by 2.7% in the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock valued at $3,541,000 after acquiring an additional 571 shares during the period. Prudential PLC bought a new position in Cadence Design Systems during the 1st quarter valued at $1,160,000. Loomis Sayles & Co. L P boosted its stake in Cadence Design Systems by 1,030.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after purchasing an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after purchasing an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Cadence Design Systems by 26.8% during the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after purchasing an additional 3,433 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of analyst reports. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, February 7th. Needham & Company LLC restated a “buy” rating and set a $268.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 24th. KeyCorp upped their price objective on Cadence Design Systems from $290.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, February 5th. Wells Fargo & Company upped their price objective on Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, February 6th. Finally, Rosenblatt Securities upped their price objective on Cadence Design Systems from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $282.22.

Read Our Latest Report on CDNS

Cadence Design Systems Company Profile

(Get Free Report)

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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