This Is What Whales Are Betting On Cadence Design Sys

Investors with a lot of money to spend have taken a bearish stance on Cadence Design Sys CDNS.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CDNS, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 8 options trades for Cadence Design Sys.

This isn't normal.

The overall sentiment of these big-money traders is split between 37% bullish and 50%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $39,654, and 7, calls, for a total amount of $651,242.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $235.0 to $350.0 for Cadence Design Sys over the last 3 months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Cadence Design Sys stands at 65.0, with a total volume reaching 757.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Cadence Design Sys, situated within the strike price corridor from $235.0 to $350.0, throughout the last 30 days.

Cadence Design Sys Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

About Cadence Design Sys

Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enable system-level analysis and verification solutions. Cadence's comprehensive portfolio is benefiting from a mutual convergence of semiconductor companies moving up-stack toward systems-like companies, and systems companies moving down-stack toward in-house semiconductor design. The resulting expansion in EDA customers, alongside secular digitalization of various end markets, benefits EDA vendors like Cadence.

After a thorough review of the options trading surrounding Cadence Design Sys, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Present Market Standing of Cadence Design Sys

• With a trading volume of 1,438,408, the price of CDNS is down by -0.5%, reaching $261.73.
• Current RSI values indicate that the stock is may be approaching oversold.
• Next earnings report is scheduled for 10 days from now.

Professional Analyst Ratings for Cadence Design Sys

3 market experts have recently issued ratings for this stock, with a consensus target price of $275.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Oppenheimer downgraded its action to Underperform with a price target of $225. * In a cautious move, an analyst from Berenberg downgraded its rating to Buy, setting a price target of $320. * An analyst from Rosenblatt has decided to maintain their Neutral rating on Cadence Design Sys, which currently sits at a price target of $280.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cadence Design Sys with Benzinga Pro for real-time alerts.