Cadence Design Systems (NASDAQ:CDNS) Announces Earnings Results

Cadence Design Systems (NASDAQ:CDNS) announced its earnings results on Monday. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.04, Briefing.com reports. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 EPS.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $277.66 on Thursday. The stock’s 50-day simple moving average is $304.38 and its 200 day simple moving average is $280.97. The stock has a market capitalization of $75.59 billion, a price-to-earnings ratio of 72.31, a price-to-earnings-growth ratio of 3.43 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, KeyCorp lifted their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $316.50.

Insider Buying and Selling

In related news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 173,044 shares of company stock valued at $52,231,207. Corporate insiders own 1.99% of the company’s stock.

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 enterprise emulation platform; and Protium, a prototyping platform for chip verification.