Cadence Design Systems (NASDAQ:CDNS) Issues FY21 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its FY21 earnings guidance on Monday. The company provided earnings per share guidance of $2.95-3.05 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.88. The company issued revenue guidance of $2.86-2.92 billion, compared to the consensus revenue estimate of $2.83 billion.Cadence Design Systems also updated its FY 2021
After-Hours guidance to 2.95-3.05 EPS.

Several research firms have recently weighed in on CDNS. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $145.00 to $160.00 and gave the stock an overweight rating in a report on Wednesday, February 10th. KeyCorp raised their price objective on shares of Cadence Design Systems from $155.00 to $160.00 and gave the stock an overweight rating in a report on Tuesday, February 16th. JPMorgan Chase & Co. raised shares of Cadence Design Systems from a neutral rating to an overweight rating and raised their price target for the company from $122.00 to $145.00 in a report on Wednesday, December 9th. Credit Suisse Group raised their price target on shares of Cadence Design Systems from $110.00 to $135.00 and gave the company a neutral rating in a report on Monday. Finally, Bank of America lowered shares of Cadence Design Systems from a buy rating to an underperform rating in a report on Monday, January 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. Cadence Design Systems has an average rating of Buy and an average target price of $129.83.

Shares of NASDAQ CDNS opened at $133.16 on Tuesday. The company’s fifty day moving average is $136.95 and its 200-day moving average is $119.52. The stock has a market cap of $37.14 billion, a price-to-earnings ratio of 34.59, a P/E/G ratio of 4.64 and a beta of 1.05. Cadence Design Systems has a twelve month low of $51.39 and a twelve month high of $149.08. The company has a quick ratio of 1.51, a current ratio of 1.55 and a debt-to-equity ratio of 0.14.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Sunday, February 21st. The software maker reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. The business had revenue of $759.10 million for the quarter, compared to analyst estimates of $731.31 million. During the same period last year, the business posted $0.54 earnings per share. The firm’s quarterly revenue was up 26.6% on a year-over-year basis. On average, research analysts anticipate that Cadence Design Systems will post 2.02 EPS for the current fiscal year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction on Tuesday, February 16th. The shares were sold at an average price of $147.09, for a total value of $7,354,500.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Anirudh Devgan sold 4,666 shares of Cadence Design Systems stock in a transaction on Tuesday, February 9th. The shares were sold at an average price of $137.44, for a total transaction of $641,295.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 155,300 shares of company stock worth $21,171,858. 2.58% 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 logic simulation platform; Palladium, an emulation platform; and Protium, a prototyping platform for chip verification.

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

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