What’s Next for Cadence Design Systems Inc After Today’s Bullish Options Activity?

 What's Next for Cadence Design Systems Inc After Today's Bullish Options Activity?

In today’s session Cadence Design Systems Inc (CDNS) registered an unusually high (4,012) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the November, 2016 call, expecting serious CDNS increase. With 4,012 contracts traded and 40794 open interest for the Nov, 16 contract, it seems this is a quite bullish bet. The option with symbol: CDNS161118C00027000 closed last at: $0.55 or 0% . About 182,655 shares traded hands. Cadence Design Systems Inc (NASDAQ:CDNS) has risen 14.52% since March 15, 2016 and is uptrending. It has outperformed by 9.03% the S&P500.

Analysts await Cadence Design Systems Inc (NASDAQ:CDNS) to report earnings on October, 24. They expect $0.19 EPS, down 13.64% or $0.03 from last year’s $0.22 per share. CDNS’s profit will be $55.46 million for 34.53 P/E if the $0.19 EPS becomes a reality. After $0.17 actual EPS reported by Cadence Design Systems Inc for the previous quarter, Wall Street now forecasts 11.76% EPS growth.

Cadence Design Systems Inc (NASDAQ:CDNS) Ratings Coverage

Out of 7 analysts covering Cadence Design Systems Inc (NASDAQ:CDNS), 4 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 57% are positive. $29 is the highest target while $21 is the lowest. The $25.13 average target is -4.23% below today’s ($26.24) stock price. Cadence Design Systems Inc has been the topic of 14 analyst reports since July 29, 2015 according to StockzIntelligence Inc. On Monday, October 10 the stock rating was upgraded by DA Davidson to “Buy”. The firm has “Neutral” rating by DA Davidson given on Wednesday, April 6. The firm has “Buy” rating by DA Davidson given on Thursday, February 4. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) has “Buy” rating given on Tuesday, October 27 by Topeka Capital Markets. The rating was maintained by Northland Capital with “Outperform” on Tuesday, October 27. The firm has “Outperform” rating given on Monday, June 6 by RBC Capital Markets. The rating was maintained by Northland Capital with “Outperform” on Thursday, November 19. The stock of Cadence Design Systems Inc (NASDAQ:CDNS) earned “Outperform” rating by RBC Capital Markets on Tuesday, October 27. Needham maintained the shares of CDNS in a report on Tuesday, October 27 with “Buy” rating. Needham downgraded Cadence Design Systems Inc (NASDAQ:CDNS) on Tuesday, June 14 to “Hold” rating.

According to Zacks Investment Research, “Cadence Design Systems, Inc. provides comprehensive software and other technology and offers design and methodology services for the product development requirements of the world’s leading electronics companies. Cadence licenses its leading-edge electronic design automation software and hardware technology and provides a range of services to companies throughout the world to help optimize their product development processes.”

Insitutional Activity: The institutional sentiment increased to 1.4 in Q2 2016. Its up 0.10, from 1.3 in 2016Q1. The ratio improved, as 26 funds sold all Cadence Design Systems Inc shares owned while 101 reduced positions. 53 funds bought stakes while 125 increased positions. They now own 245.54 million shares or 5.93% less from 261.03 million shares in 2016Q1.
Thompson Siegel & Walmsley Limited Co accumulated 0.01% or 15,200 shares. Strs Ohio last reported 7,569 shares in the company. Invesco Ltd accumulated 3.37M shares or 0.03% of the stock. Gemmer Asset Management Lc, a California-based fund reported 223 shares. Weaver C Barksdale And Assoc owns 318 shares or 0.01% of their US portfolio. State Board Of Administration Of Florida Retirement System accumulated 0.03% or 447,853 shares. The Texas-based Shamrock Asset Management Lc has invested 0.01% in Cadence Design Systems Inc (NASDAQ:CDNS). Paradigm Asset Mngmt Ltd Limited Liability Company last reported 0% of its portfolio in the stock. The Massachusetts-based Contravisory Inv Inc has invested 0.07% in Cadence Design Systems Inc (NASDAQ:CDNS). Retail Bank Of New York Mellon Corp accumulated 0.02% or 3.26 million shares. Millennium Mngmt Ltd Llc accumulated 0.02% or 345,908 shares. Manufacturers Life Ins The reported 531,178 shares or 0.02% of all its holdings. Advisory Net Ltd Llc, a Georgia-based fund reported 100 shares. Teachers holds 242,162 shares or 0.01% of its portfolio. Vanguard Grp has invested 0.04% of its portfolio in Cadence Design Systems Inc (NASDAQ:CDNS).

Insider Transactions: Since April 28, 2016, the stock had 0 buys, and 25 sales for $25.58 million net activity. $1.47M worth of shares were sold by BECKLEY THOMAS P on Thursday, September 22. RIBAR GEOFFREY G sold $2.47M worth of Cadence Design Systems Inc (NASDAQ:CDNS) on Wednesday, June 1. Hsu Chi-Ping sold $960,140 worth of stock. SCALISE GEORGE had sold 5,000 shares worth $126,350. $59,225 worth of Cadence Design Systems Inc (NASDAQ:CDNS) shares were sold by Cowie James J. 150,000 shares were sold by TAN LIP BU, worth $3.66M on Wednesday, June 15. 130,000 Cadence Design Systems Inc (NASDAQ:CDNS) shares with value of $3.23 million were sold by DEVGAN ANIRUDH.

Cadence Design Systems, Inc. develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The company has a market cap of $7.66 billion. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP. It has a 31.18 P/E ratio. The Firm provides maintenance for its software, emulation hardware and IP product offerings.

CDNS Company Profile

Cadence Design Systems, Inc. (Cadence), incorporated on April 8, 1987, develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs), and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP. The Firm provides maintenance for its software, emulation hardware and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for ICs and development of custom IP. The Firm offers services and products to electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market divisions, such as mobile and consumer devices, communications, cloud and data center infrastructure, personal computers, automotive systems, medical systems and other devices.

More recent Cadence Design Systems Inc (NASDAQ:CDNS) news were published by: Seekingalpha.com which released: “Cadence Design Systems Shows Strong Fundamentals” on October 13, 2016. Also Prnewswire.com published the news titled: “Cadence Recognized with Four TSMC Partner of the Year Awards” on September 27, 2016. Prnewswire.com‘s news article titled: “Cadence Announces General Availability of Tensilica Xtensa LX7 Processor …” with publication date: September 27, 2016 was also an interesting one.

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