Cadence Design Systems (NASDAQ:CDNS) Issues FY 2019 Earnings Guidance

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Cadence Design Systems (NASDAQ:CDNS) updated its FY 2019 earnings guidance on Monday. The company provided EPS guidance of $2.11-2.17 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.09. The company issued revenue guidance of $2.315-2.335 billion, compared to the consensus revenue estimate of $2.32 billion.Cadence Design Systems also updated its FY19 guidance to $2.11-2.17 EPS.

A number of brokerages recently weighed in on CDNS. KeyCorp lifted their price objective on shares of Ingersoll-Rand from $112.00 to $130.00 and gave the company an overweight rating in a report on Wednesday, April 10th. Credit Suisse Group upgraded shares of United Microelectronics from an underperform rating to a neutral rating in a report on Wednesday, April 24th. Wells Fargo & Co began coverage on shares of Semtech in a report on Tuesday, May 14th. They set an outperform rating and a $48.03 price objective for the company. DA Davidson reiterated a neutral rating on shares of Bank of Marin Bancorp in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada set a €18.50 ($21.51) price objective on shares of ENI and gave the company a neutral rating in a report on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $59.44.

NASDAQ:CDNS opened at $72.66 on Tuesday. Cadence Design Systems has a one year low of $39.08 and a one year high of $75.60. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.45. The company has a market cap of $20.49 billion, a price-to-earnings ratio of 59.07, a P/E/G ratio of 4.53 and a beta of 1.17. The firm has a 50-day simple moving average of $71.01.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 22nd. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.36 by $0.21. Cadence Design Systems had a net margin of 17.91% and a return on equity of 30.86%. The business had revenue of $580.42 million during the quarter, compared to analyst estimates of $579.41 million. During the same quarter in the previous year, the business posted $0.45 EPS. The company’s quarterly revenue was up 12.0% compared to the same quarter last year. Sell-side analysts expect that Cadence Design Systems will post 1.46 EPS for the current fiscal year.

In other news, insider Surendra Babu Mandava sold 4,235 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $64.87, for a total value of $274,724.45. Following the completion of the sale, the insider now owns 305,888 shares in the company, valued at approximately $19,842,954.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John M. Wall sold 3,000 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $67.25, for a total transaction of $201,750.00. Following the completion of the sale, the chief financial officer now owns 209,576 shares of the company’s stock, valued at approximately $14,093,986. The disclosure for this sale can be found here. In the last 90 days, insiders sold 182,371 shares of company stock valued at $12,821,440. Company insiders own 2.34% 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

Further Reading: Death Cross

Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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