Cadence Design Systems (NASDAQ:CDNS) Releases Quarterly Earnings Results

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

Cadence Design Systems Stock Down 1.1 %

CDNS opened at $281.76 on Wednesday. The company has a fifty day moving average price of $304.84 and a 200-day moving average price of $280.99. The firm has a market capitalization of $76.71 billion, a P/E ratio of 73.38, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now directly 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction on 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 directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 in the last three months. Corporate insiders own 0.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CDNS shares. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Robert W. Baird raised their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Stifel Nicolaus raised their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and an average price target of $316.50.

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.