Cadence Design Systems (NASDAQ:CDNS) Releases Q4 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.52-0.54 for the period, compared to the Thomson Reuters consensus estimate of $0.52. The company issued revenue guidance of $590-600 million, compared to the consensus revenue estimate of $592.82 million.Cadence Design Systems also updated its FY 2019 guidance to $1.50-1.52 EPS.

A number of research analysts recently commented on the stock. ValuEngine lowered shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Needham & Company LLC raised their target price on shares of Cadence Design Systems to $76.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Credit Suisse Group restated a neutral rating and set a $75.00 target price (up from $70.00) on shares of Cadence Design Systems in a report on Tuesday. Wells Fargo & Co upgraded shares of Cadence Design Systems from a market perform rating to an outperform rating and set a $80.00 target price for the company in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Cadence Design Systems from $78.00 to $75.00 and set a neutral rating for the company in a report on Wednesday, September 11th. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $71.67.

NASDAQ:CDNS traded up $1.05 during trading hours on Thursday, reaching $64.52. 14,615 shares of the company’s stock were exchanged, compared to its average volume of 1,661,065. The business’s 50-day simple moving average is $66.23 and its two-hundred day simple moving average is $68.33. Cadence Design Systems has a 12 month low of $40.31 and a 12 month high of $77.08. The company has a quick ratio of 1.52, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $17.66 billion, a P/E ratio of 52.44, a price-to-earnings-growth ratio of 4.08 and a beta of 1.17.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The firm had revenue of $579.60 million during the quarter, compared to analyst estimates of $576.33 million. During the same quarter last year, the business posted $0.49 EPS. The company’s revenue was up 8.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Design Systems will post 1.51 earnings per share for the current fiscal year.

In other Cadence Design Systems news, VP Aneel Zaman sold 4,766 shares of Cadence Design Systems stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $68.25, for a total transaction of $325,279.50. Following the completion of the sale, the vice president now owns 243,772 shares of the company’s stock, valued at approximately $16,637,439. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP James J. Cowie sold 1,251 shares of Cadence Design Systems stock in a transaction on Friday, August 9th. The shares were sold at an average price of $70.83, for a total transaction of $88,608.33. Following the sale, the vice president now directly owns 109,503 shares of the company’s stock, valued at approximately $7,756,097.49. The disclosure for this sale can be found here. Insiders sold a total of 162,936 shares of company stock valued at $10,977,904 in the last ninety days. Company insiders own 2.34% 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Further Reading: What is a Futures Contract?

Earnings History and Estimates 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.