Cadence Design Systems (NASDAQ:CDNS) Announces Earnings Results

Cadence Design Systems (NASDAQ:CDNS) announced its earnings results on Monday. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20, Briefing.com reports. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the firm earned $1.01 EPS. Cadence Design Systems’s quarterly revenue was up 18.8% on a year-over-year basis.

Cadence Design Systems Stock Up 2.0 %

Shares of NASDAQ CDNS traded up $5.55 during midday trading on Wednesday, reaching $290.00. 3,452,345 shares of the company’s stock were exchanged, compared to its average volume of 1,769,596. Cadence Design Systems has a 52-week low of $233.51 and a 52-week high of $328.99. The stock has a market capitalization of $79.00 billion, a PE ratio of 74.79, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The business’s fifty day moving average price is $266.90 and its two-hundred day moving average price is $281.98.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the transaction, the director now directly owns 45,051 shares in the company, valued at approximately $12,444,888.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,347 shares of company stock valued at $7,728,272. 1.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CDNS. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Oppenheimer began coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a report on Tuesday. Mizuho began coverage on Cadence Design Systems in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $323.17.

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