Cadence Design Systems (NASDAQ:CDNS) Updates FY 2021 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY 2021 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.990-3.070 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.010. The company issued revenue guidance of $2.88 billion-$2.93 billion, compared to the consensus revenue estimate of $2.90 billion.Cadence Design Systems also updated its Q2 2021 guidance to 0.740-0.780 EPS.

Shares of NASDAQ CDNS traded down $3.67 during trading hours on Tuesday, reaching $125.95. The stock had a trading volume of 19,753 shares, compared to its average volume of 1,831,738. The firm has a market cap of $35.05 billion, a price-to-earnings ratio of 33.67, a PEG ratio of 4.64 and a beta of 1.05. The company has a current ratio of 1.55, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. Cadence Design Systems has a fifty-two week low of $75.27 and a fifty-two week high of $149.08. The firm has a 50-day moving average of $137.09 and a 200-day moving average of $129.54.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Sunday, April 25th. The software maker reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.08. Cadence Design Systems had a return on equity of 48.31% and a net margin of 42.68%. The firm had revenue of $736.03 million during the quarter, compared to the consensus estimate of $717.79 million. During the same period last year, the business posted $0.60 EPS. Cadence Design Systems’s quarterly revenue was up 19.1% on a year-over-year basis. On average, equities analysts predict that Cadence Design Systems will post 2.02 EPS for the current year.

Several equities analysts have weighed in on CDNS shares. Royal Bank of Canada raised their price target on Cadence Design Systems from $127.00 to $160.00 and gave the stock an outperform rating in a research report on Monday, March 1st. DA Davidson raised their price target on Cadence Design Systems from $155.00 to $165.00 and gave the stock a buy rating in a research report on Tuesday, April 27th. Wells Fargo & Company raised their price target on Cadence Design Systems from $160.00 to $165.00 and gave the stock an overweight rating in a research report on Monday, April 26th. Bank of America downgraded Cadence Design Systems from a buy rating to an underperform rating in a research report on Monday, January 11th. Finally, Benchmark reissued a buy rating and set a $150.00 price target on shares of Cadence Design Systems in a research report on Monday, March 1st. One research 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 a consensus rating of Buy and an average target price of $146.92.

In other Cadence Design Systems news, VP Paul Cunningham sold 1,000 shares of the company’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $141.39, for a total transaction of $141,390.00. Following the completion of the sale, the vice president now directly owns 103,081 shares in the company, valued at $14,574,622.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas P. Beckley sold 18,000 shares of the company’s stock in a transaction dated Thursday, April 8th. The shares were sold at an average price of $145.00, for a total transaction of $2,610,000.00. Following the sale, the vice president now owns 248,215 shares of the company’s stock, valued at $35,991,175. The disclosure for this sale can be found here. Insiders have sold 440,124 shares of company stock valued at $60,808,229 over the last 90 days. Corporate insiders own 2.58% 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 logic simulation platform; Palladium, an enterprise 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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