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.
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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