Cadence Design Systems (NASDAQ:CDNS) Issues Q3 2019 Earnings Guidance

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Cadence Design Systems (NASDAQ:CDNS) issued an update on its third quarter 2019 earnings guidance on Monday morning. The company provided EPS guidance of $0.50-0.52 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.50. The company issued revenue guidance of $570-580 million, compared to the consensus revenue estimate of $576.12 million.Cadence Design Systems also updated its FY 2019 guidance to $2.11-2.17 EPS.

Shares of CDNS opened at $72.66 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.45 and a quick ratio of 1.39. Cadence Design Systems has a 12-month low of $39.08 and a 12-month high of $75.60. The firm has a 50-day moving average price of $71.01. The stock has a market capitalization 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.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 22nd. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $580.42 million during the quarter, compared to analyst estimates of $579.41 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Cadence Design Systems’s quarterly revenue was up 12.0% on a year-over-year basis. As a group, equities analysts anticipate that Cadence Design Systems will post 1.46 EPS for the current year.

A number of equities research analysts recently issued reports on CDNS shares. Needham & Company LLC upped their price objective on shares of Lam Research from $180.00 to $215.00 and gave the company a buy rating in a report on Tuesday, April 23rd. DA Davidson reissued a neutral rating on shares of Bank of Marin Bancorp in a report on Tuesday, April 23rd. BidaskClub lowered shares of Zynga from a buy rating to a hold rating in a research note on Tuesday, June 18th. KeyCorp increased their target price on shares of Ingersoll-Rand from $112.00 to $130.00 and gave the stock an overweight rating in a research note on Wednesday, April 10th. Finally, Royal Bank of Canada set a €18.50 ($21.51) target price on shares of ENI and gave the stock a neutral rating in a research note on Tuesday, April 23rd. Six equities 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 currently has a consensus rating of Buy and an average target price of $59.44.

In other news, insider Aneel Zaman sold 5,136 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $63.35, for a total transaction of $325,365.60. Following the sale, the insider now owns 247,262 shares of the company’s stock, valued at $15,664,047.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 40,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $68.72, for a total transaction of $2,748,800.00. Following the sale, the chief executive officer now directly owns 899,852 shares in the company, valued at approximately $61,837,829.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 182,371 shares of company stock valued at $12,821,440. 2.34% of the stock is currently owned by insiders.

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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

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