Cadence Design Systems Inc (NASDAQ:CDNS) was the target of some unusual options trading activity on Thursday. Stock traders acquired 1,829 put options on the company. This represents an increase of approximately 2,245% compared to the average volume of 78 put options.

A number of research analysts recently issued reports on CDNS shares. KeyCorp reiterated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Needham & Company LLC restated a “hold” rating on shares of Cadence Design Systems in a research report on Sunday, October 29th. Royal Bank of Canada restated a “buy” rating and issued a $46.00 price target on shares of Cadence Design Systems in a research report on Friday, October 27th. Zacks Investment Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Wednesday, November 1st. Finally, Credit Suisse Group restated an “outperform” rating on shares of Cadence Design Systems in a research report on Thursday, August 31st. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $44.50.

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

Hedge funds have recently made changes to their positions in the stock. Sigma Planning Corp raised its stake in shares of Cadence Design Systems by 17.1% in the third quarter. Sigma Planning Corp now owns 66,369 shares of the software maker’s stock worth $2,620,000 after acquiring an additional 9,695 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Cadence Design Systems by 73,454.0% in the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after acquiring an additional 20,673,635 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new position in shares of Cadence Design Systems in the second quarter worth about $2,170,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Cadence Design Systems by 134.2% in the second quarter. Robeco Institutional Asset Management B.V. now owns 204,187 shares of the software maker’s stock worth $6,838,000 after acquiring an additional 117,005 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in shares of Cadence Design Systems in the third quarter worth about $432,000. 84.63% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems (NASDAQ CDNS) opened at $42.26 on Friday. The company has a market cap of $11,994.65, a PE ratio of 45.44, a PEG ratio of 3.35 and a beta of 0.93. Cadence Design Systems has a 1-year low of $25.18 and a 1-year high of $45.64. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64.

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