Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report) was the recipient of some unusual options trading activity on Monday. Traders acquired 4,585 call options on the company. This represents an increase of 159% compared to the typical daily volume of 1,772 call options.
Analyst Upgrades and Downgrades
CDNS has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and issued a $268.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 24th. Morgan Stanley assumed coverage on Cadence Design Systems in a research report on Friday, November 10th. They issued an “equal weight” rating and a $260.00 target price on the stock. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, February 7th. Rosenblatt Securities raised their price target on Cadence Design Systems from $250.00 to $265.00 and gave the company a “buy” rating in a report on Thursday, October 19th. Finally, KeyCorp raised their price target on Cadence Design Systems from $290.00 to $325.00 and gave the company an “overweight” rating in a report on Monday, February 5th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus target price of $282.22.
Insider Activity at Cadence Design Systems
Institutional Investors Weigh In On Cadence Design Systems
A number of institutional investors have recently bought and sold shares of CDNS. Stifel Financial Corp raised its stake in shares of Cadence Design Systems by 17.9% during the 4th quarter. Stifel Financial Corp now owns 80,306 shares of the software maker’s stock worth $21,873,000 after purchasing an additional 12,194 shares in the last quarter. Portfolio Design Labs LLC bought a new position in Cadence Design Systems in the 4th quarter worth approximately $627,000. TD Asset Management Inc increased its position in Cadence Design Systems by 54.4% in the 4th quarter. TD Asset Management Inc now owns 484,532 shares of the software maker’s stock worth $131,972,000 after buying an additional 170,739 shares during the period. Edmond DE Rothschild Holding S.A. increased its position in Cadence Design Systems by 10.8% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 27,105 shares of the software maker’s stock worth $7,383,000 after buying an additional 2,640 shares during the period. Finally, IPG Investment Advisors LLC grew its holdings in shares of Cadence Design Systems by 76.4% during the 4th quarter. IPG Investment Advisors LLC now owns 5,245 shares of the software maker’s stock worth $1,429,000 after purchasing an additional 2,272 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.
Cadence Design Systems Trading Down 1.7 %
Shares of NASDAQ:CDNS traded down $5.36 during midday trading on Monday, reaching $306.58. The company had a trading volume of 3,126,720 shares, 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. Cadence Design Systems has a 1-year low of $183.80 and a 1-year high of $315.70. The firm has a market cap of $83.41 billion, a price-to-earnings ratio of 88.87, a price-to-earnings-growth ratio of 3.76 and a beta of 1.07. The company has a fifty day simple moving average of $277.26 and a two-hundred day simple moving average of $254.90.
Cadence Design Systems Company Profile
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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