Cadence Design Systems (NASDAQ:CDNS) Issues Quarterly Earnings Results


Share on StockTwits

Cadence Design Systems (NASDAQ:CDNS) announced its earnings results on Sunday. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.09, MarketWatch Earnings reports. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. The company had revenue of $759.10 million for the quarter, compared to the consensus estimate of $731.31 million. During the same period in the previous year, the business earned $0.54 EPS. The company’s revenue was up 26.6% on a year-over-year basis.

Shares of NASDAQ:CDNS traded down $0.49 during trading on Tuesday, hitting $132.67. 54,215 shares of the company’s stock were exchanged, compared to its average volume of 1,503,900. Cadence Design Systems has a 1-year low of $51.39 and a 1-year high of $149.08. The firm has a 50-day moving average price of $136.95 and a two-hundred day moving average price of $119.52. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. The firm has a market cap of $37.01 billion, a P/E ratio of 34.59, a PEG ratio of 4.64 and a beta of 1.05.

Several brokerages have commented on CDNS. Bank of America downgraded Cadence Design Systems from a “buy” rating to an “underperform” rating in a research report on Monday, January 11th. KeyCorp boosted their price objective on Cadence Design Systems from $155.00 to $160.00 and gave the company an “overweight” rating in a research report on Tuesday, February 16th. Royal Bank of Canada boosted their price objective on Cadence Design Systems from $127.00 to $160.00 and gave the company an “outperform” rating in a research report on Tuesday. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $145.00 to $160.00 and gave the company an “overweight” rating in a research report on Wednesday, February 10th. Finally, DA Davidson boosted their price objective on Cadence Design Systems from $130.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. Cadence Design Systems currently has an average rating of “Buy” and an average target price of $131.92.

In other news, Director Vincentelli Albert Sangiovanni sold 25,000 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, December 1st. The shares were sold at an average price of $115.54, for a total transaction of $2,888,500.00. Following the completion of the sale, the director now owns 105,290 shares in the company, valued at approximately $12,165,206.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Anirudh Devgan sold 4,666 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 9th. The stock was sold at an average price of $137.44, for a total transaction of $641,295.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 155,300 shares of company stock valued at $21,171,858. 2.58% of the stock is owned by corporate insiders.

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 emulation platform; and Protium, a prototyping platform for chip verification.

Featured Article: Quantitative Easing

Earnings History for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.