Cadence Design Sys’s Options Frenzy: What You Need to Know – Cadence Design Sys (NASDAQ:CDNS)

Investors with a lot of money to spend have taken a bullish 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 13 options trades for Cadence Design Sys.

This isn’t normal.

The overall sentiment of these big-money traders is split between 53% bullish and 46%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $31,280, and 12, calls, for a total amount of $572,858.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $190.0 to $335.0 for Cadence Design Sys over the last 3 months.

Analyzing Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Cadence Design Sys’s options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cadence Design Sys’s whale activity within a strike price range from $190.0 to $335.0 in the last 30 days.

Cadence Design Sys Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
CDNS CALL SWEEP NEUTRAL 01/19/24 $190.00 $96.5K 72 10
CDNS CALL TRADE BULLISH 01/17/25 $210.00 $95.0K 21 0
CDNS CALL TRADE NEUTRAL 08/16/24 $300.00 $46.6K 2 61
CDNS CALL TRADE NEUTRAL 08/16/24 $300.00 $46.2K 2 41
CDNS CALL SWEEP BEARISH 01/19/24 $250.00 $42.5K 877 17

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.

In light of the recent options history for Cadence Design Sys, it’s now appropriate to focus on the company itself. We aim to explore its current performance.

Where Is Cadence Design Sys Standing Right Now?

  • Currently trading with a volume of 900,210, the CDNS’s price is up by 0.48%, now at $280.35.
  • RSI readings suggest the stock is currently may be approaching overbought.
  • Anticipated earnings release is in 24 days.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Cadence Design Sys options trades with real-time alerts from Benzinga Pro.

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