Cadence Design Systems (NASDAQ:CDNS) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Cadence Design Systems (NASDAQ:CDNS) issued its quarterly earnings data on Monday. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06, Briefing.com reports. Cadence Design Systems had a return on equity of 31.52% and a net margin of 25.36%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the firm earned $0.94 EPS. Cadence Design Systems’s quarterly revenue was up 8.6% compared to the same quarter last year.

Cadence Design Systems Stock Down 5.9 %

Shares of Cadence Design Systems stock traded down $16.65 on Wednesday, reaching $266.34. 3,075,203 shares of the company were exchanged, compared to its average volume of 1,603,557. Cadence Design Systems has a one year low of $217.77 and a one year high of $328.99. The company has a market capitalization of $72.56 billion, a price-to-earnings ratio of 73.70, a PEG ratio of 3.51 and a beta of 1.03. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average of $302.86 and a 200 day moving average of $298.33.

Insider Transactions at Cadence Design Systems

In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total transaction of $165,216.00. Following the sale, the senior vice president now owns 20,480 shares in the company, valued at approximately $5,639,372.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now directly owns 49,551 shares of the company’s stock, valued at approximately $14,228,074.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at $5,639,372.80. The disclosure for this sale can be found here. Insiders have sold a total of 50,134 shares of company stock worth $14,987,093 in the last 90 days. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CDNS shares. Wells Fargo & Company boosted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Robert W. Baird decreased their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research report on Tuesday. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Finally, KeyCorp boosted their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $334.56.

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.