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

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

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $264.50 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The company has a market capitalization of $72.06 billion, a price-to-earnings ratio of 69.36, a PEG ratio of 3.46 and a beta of 1.03. The stock has a 50-day moving average of $302.33 and a 200 day moving average of $298.11. Cadence Design Systems has a one year low of $217.77 and a one year high of $328.99.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CDNS shares. KeyCorp upped their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Bank of America upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, April 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $334.56.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total transaction of $275,360.00. Following the transaction, the vice president now owns 67,144 shares in the company, valued at approximately $18,488,771.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, July 15th. The shares were sold at an average price of $314.57, for a total value of $471,855.00. Following the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,134 shares of company stock worth $14,987,093. Company insiders own 1.99% 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.