Not necesarally. If it bothers you, talk to him and tell him how it makes you feel. He probably doesn't realize he is doing it and will hopefully stop after you talk to him.
It doesn't necessarily mean he will cheat, but it does seem to show that he likes to flaunt himself around women.
If you don't like guys who continuously flirt or preen around other women, don't date a guy like this -- because he will act this way all of the time, regardless of how much it bothers you.