Cadence Design Systems (CDNS) Set to Announce Quarterly Earnings on Monday

Cadence Design Systems (NASDAQ:CDNS) is scheduled to issue its quarterly earnings data after the market closes on Monday, July 22nd. Analysts expect the company to announce earnings of $1.23 per share for the quarter. Investors that are interested in participating in the company’s conference call can do so using this link.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. On average, analysts expect Cadence Design Systems to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Cadence Design Systems Stock Up 0.8 %

Cadence Design Systems stock opened at $279.95 on Friday. Cadence Design Systems has a twelve month low of $217.77 and a twelve month high of $328.99. The stock’s fifty day simple moving average is $302.82 and its 200-day simple moving average is $297.62. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $76.26 billion, a P/E ratio of 72.90, a P/E/G ratio of 3.40 and a beta of 1.03.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CDNS shares. Bank of America upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Piper Sandler reiterated a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 10th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Robert W. Baird boosted their target price on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $334.89.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the completion of the transaction, the vice president now owns 67,144 shares in the company, valued at $18,488,771.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $165,216.00. Following the completion of the sale, the senior vice president now owns 20,480 shares in the company, valued at $5,639,372.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $275,360.00. Following the sale, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The disclosure for this sale can be found here. Insiders sold 50,134 shares of company stock worth $14,987,093 over the last 90 days. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

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