Cadence Design Systems (NASDAQ:CDNS) Announces Earnings Results, Beats Estimates By $0.03 EPS

Cadence Design Systems (NASDAQ:CDNS) posted its quarterly earnings results on Monday. The software maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03, Briefing.com reports. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The business had revenue of $579.60 million during the quarter, compared to analysts’ expectations of $576.33 million. During the same quarter last year, the company posted $0.49 earnings per share. Cadence Design Systems’s quarterly revenue was up 8.9% on a year-over-year basis.

Shares of CDNS stock opened at $66.75 on Tuesday. The company has a quick ratio of 1.52, a current ratio of 1.60 and a debt-to-equity ratio of 0.24. Cadence Design Systems has a 12-month low of $40.14 and a 12-month high of $77.08. The firm has a 50 day moving average price of $66.42 and a two-hundred day moving average price of $68.33. The company has a market capitalization of $18.38 billion, a PE ratio of 54.27, a price-to-earnings-growth ratio of 4.33 and a beta of 1.17.

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. reduced their price target on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. BidaskClub downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 3rd. Needham & Company LLC raised their price objective on shares of Cadence Design Systems to $76.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Bank of America began coverage on shares of Cadence Design Systems in a research report on Monday, September 23rd. They set a “neutral” rating and a $73.00 price objective for the company. Finally, Credit Suisse Group raised their price objective on shares of Cadence Design Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Six research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cadence Design Systems presently has an average rating of “Buy” and an average price target of $69.10.

In other news, CEO Lip Bu Tan sold 40,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $68.02, for a total value of $2,720,800.00. Following the completion of the sale, the chief executive officer now directly owns 899,852 shares in the company, valued at $61,207,933.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Surendra Babu Mandava sold 4,027 shares of Cadence Design Systems stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $70.60, for a total transaction of $284,306.20. Following the completion of the sale, the vice president now owns 299,760 shares of the company’s stock, valued at $21,163,056. The disclosure for this sale can be found here. Over the last quarter, insiders sold 162,936 shares of company stock valued at $10,977,904. 2.34% of the stock is owned by company insiders.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Earnings History for Cadence Design Systems (NASDAQ:CDNS)

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