Investors Buy High Volume of Cadence Design Systems Put Options (CDNS)

Cadence Design Systems Inc (NASDAQ:CDNS) was the target of unusually large options trading on Thursday. Traders acquired 2,484 put options on the stock. This is an increase of approximately 3,044% compared to the average daily volume of 79 put options.

In related news, CFO John M. Wall sold 750 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $37.93, for a total transaction of $28,447.50. Following the completion of the transaction, the chief financial officer now owns 129,673 shares of the company’s stock, valued at approximately $4,918,496.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Anirudh Devgan sold 40,063 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $38.54, for a total value of $1,544,028.02. Following the transaction, the president now directly owns 403,387 shares of the company’s stock, valued at approximately $15,546,534.98. The disclosure for this sale can be found here. Insiders have sold a total of 42,584 shares of company stock valued at $1,639,670 in the last three months. 2.55% of the stock is owned by insiders.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cerebellum GP LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $123,000. MANA Advisors LLC bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $214,000. IFM Investors Pty Ltd bought a new position in Cadence Design Systems in the 4th quarter valued at $230,000. Commerzbank Aktiengesellschaft FI bought a new position in Cadence Design Systems in the 4th quarter valued at $245,000. Finally, Jane Street Group LLC bought a new position in Cadence Design Systems in the 3rd quarter valued at $241,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Shares of CDNS opened at $37.38 on Friday. Cadence Design Systems has a 1 year low of $31.22 and a 1 year high of $46.00. The company has a quick ratio of 1.47, a current ratio of 1.53 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $10,811.11, a PE ratio of 35.26, a P/E/G ratio of 3.73 and a beta of 1.14.

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

Several equities analysts have commented on the company. Zacks Investment Research raised Cadence Design Systems from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 3rd. BidaskClub cut Cadence Design Systems from a “hold” rating to a “sell” rating in a report on Wednesday, February 7th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $43.00 price target (up previously from $37.00) on shares of Cadence Design Systems in a report on Thursday, February 1st. DA Davidson raised Cadence Design Systems from a “neutral” rating to a “buy” rating in a report on Thursday, April 5th. Finally, ValuEngine raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $44.20.

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About Cadence Design Systems

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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