Cadence Design Systems (NASDAQ:CDNS) Posts Earnings Results, Beats Estimates By $0.04 EPS

Cadence Design Systems (NASDAQ:CDNS) posted its earnings results on Monday. The software maker reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04, Briefing.com reports. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 earnings per share.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $281.76 on Wednesday. The stock has a market capitalization of $76.71 billion, a PE ratio of 73.38, a P/E/G ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The company has a fifty day moving average of $304.84 and a two-hundred day moving average of $280.99. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CDNS. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. Stifel Nicolaus boosted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Finally, StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $316.50.

Insiders Place Their Bets

In related news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO John M. Wall sold 2,700 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $299.00, for a total transaction of $807,300.00. Following the transaction, the chief financial officer now directly owns 76,552 shares in the company, valued at approximately $22,889,048. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last three months, insiders sold 173,044 shares of company stock worth $52,231,207. Corporate insiders own 0.62% 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.