Cadence Design Systems (NASDAQ:CDNS) Issues Q1 2020 After-Hours Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its first quarter 2020
After-Hours earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.53-0.55 for the period, compared to the Thomson Reuters consensus estimate of $0.57. The company issued revenue guidance of $610-620 million, compared to the consensus revenue estimate of $608.99 million.Cadence Design Systems also updated its FY 2020
After-Hours guidance to 2.40-2.50 EPS.

Shares of NASDAQ CDNS traded down $0.49 during midday trading on Friday, hitting $78.76. The company’s stock had a trading volume of 1,329,600 shares, compared to its average volume of 1,438,368. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.59 and a current ratio of 1.70. Cadence Design Systems has a 1-year low of $51.70 and a 1-year high of $79.68. The firm’s fifty day moving average price is $72.90 and its 200-day moving average price is $69.02. The firm has a market cap of $20.94 billion, a P/E ratio of 51.82, a P/E/G ratio of 4.43 and a beta of 1.12.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Wednesday, February 12th. The software maker reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The firm had revenue of $599.56 million for the quarter, compared to analyst estimates of $595.48 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. Cadence Design Systems’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, research analysts predict that Cadence Design Systems will post 1.51 earnings per share for the current fiscal year.

A number of brokerages have recently weighed in on CDNS. Royal Bank of Canada reiterated an outperform rating and set a $85.00 price target on shares of Cadence Design Systems in a research report on Thursday. Wells Fargo & Co raised their price target on Cadence Design Systems from $80.00 to $85.00 and gave the stock an overweight rating in a report on Thursday, February 6th. Zacks Investment Research lowered Cadence Design Systems from a buy rating to a hold rating and set a $74.00 price objective for the company. in a research report on Tuesday, December 24th. Credit Suisse Group upped their price objective on Cadence Design Systems from $75.00 to $80.00 and gave the stock a neutral rating in a research note on Thursday. Finally, Bank of America upped their price objective on Cadence Design Systems from $80.00 to $83.00 and gave the stock a neutral rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $82.00.

In other Cadence Design Systems news, VP James J. Cowie sold 1,242 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $76.31, for a total value of $94,777.02. Following the sale, the vice president now owns 103,530 shares in the company, valued at $7,900,374.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas P. Beckley sold 55,750 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $75.00, for a total transaction of $4,181,250.00. Following the completion of the sale, the vice president now owns 308,504 shares in the company, valued at approximately $23,137,800. The disclosure for this sale can be found here. Insiders have sold a total of 353,949 shares of company stock valued at $25,290,546 over the last three months. 2.34% of the stock is currently owned by company insiders.

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

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Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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