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

Cadence Design Systems, Inc. (NASDAQ:CDNS) was the recipient of some unusual options trading activity on Monday. Stock traders bought 4,127 put options on the stock. This represents an increase of approximately 30% compared to the average daily volume of 3,185 put options.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Robert W. Baird reduced their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a report on Tuesday, July 23rd. Finally, KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $334.56.

Cadence Design Systems Stock Up 1.2 %

Cadence Design Systems stock opened at $255.85 on Wednesday. Cadence Design Systems has a fifty-two week low of $227.05 and a fifty-two week high of $328.99. The firm has a market capitalization of $70.06 billion, a price-to-earnings ratio of 66.63, a price-to-earnings-growth ratio of 2.98 and a beta of 1.02. The stock’s fifty day moving average is $276.73 and its two-hundred day moving average is $292.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.94 EPS. Analysts predict that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Insider Activity at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total transaction of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the transaction, the director now owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. The disclosure for this sale can be found here. Insiders sold a total of 37,613 shares of company stock worth $10,701,156 in the last 90 days. 1.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ulland Investment Advisors LLC purchased a new position in Cadence Design Systems in the 1st quarter valued at about $25,000. RiverPark Advisors LLC acquired a new stake in Cadence Design Systems during the first quarter worth approximately $26,000. ORG Partners LLC grew its stake in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares during the period. Annapolis Financial Services LLC acquired a new position in Cadence Design Systems in the 1st quarter valued at $32,000. Finally, Union Savings Bank purchased a new position in shares of Cadence Design Systems during the 4th quarter worth $33,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

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