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

Cadence Design Systems (NASDAQ:CDNS) issued its earnings results on Monday. The software maker reported $1.17 earnings per share 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 company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same period in the prior year, the business posted $1.02 earnings per share. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year.

Cadence Design Systems Price Performance

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

Analyst Ratings Changes

Several brokerages have weighed in on CDNS. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Robert W. Baird upped their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday. Piper Sandler reduced their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Stifel Nicolaus upped 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 note on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $316.50.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. In the last three months, insiders sold 173,044 shares of company stock valued at $52,231,207. Corporate insiders own 0.62% of the company’s stock.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.