Cadence Design Systems (NASDAQ:CDNS) Issues FY 2020 After-Hours Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY 2020
After-Hours earnings guidance on Wednesday morning. The company provided EPS guidance of 2.40-2.50 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.34. The company issued revenue guidance of $2.545-2.585 billion, compared to the consensus revenue estimate of $2.5 billion.Cadence Design Systems also updated its FY20 guidance to $2.40 to $2.50 EPS.

Several equities analysts have commented on the stock. Needham & Company LLC raised their target price on shares of Cadence Design Systems from $76.00 to $86.00 and gave the company a buy rating in a research note on Thursday. Bank of America raised their target price on shares of Cadence Design Systems from $80.00 to $83.00 and gave the company a neutral rating in a research note on Thursday. Benchmark assumed coverage on shares of Cadence Design Systems in a research note on Thursday. They set a buy rating and a $90.00 target price on the stock. Royal Bank of Canada reissued an outperform rating and set a $85.00 target price on shares of Cadence Design Systems in a research note on Thursday. Finally, Credit Suisse Group raised their target price on shares of Cadence Design Systems from $75.00 to $80.00 and gave the company a neutral rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $82.00.

Shares of CDNS traded down $0.49 during mid-day trading on Friday, hitting $78.76. The company’s stock had a trading volume of 1,329,600 shares, compared to its average volume of 1,438,368. The firm has a 50-day moving average price of $72.90 and a 200 day moving average price of $69.02. The stock has a market capitalization of $20.94 billion, a price-to-earnings ratio of 51.82, a PEG ratio of 4.43 and a beta of 1.12. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. Cadence Design Systems has a fifty-two week low of $51.70 and a fifty-two week high of $79.68.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Wednesday, February 12th. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.01. The company had revenue of $599.56 million for the quarter, compared to analysts’ expectations of $595.48 million. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. As a group, equities analysts anticipate that Cadence Design Systems will post 1.51 EPS for the current fiscal year.

In other news, VP Aneel Zaman sold 44,363 shares of Cadence Design Systems stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $69.90, for a total value of $3,100,973.70. Following the transaction, the vice president now owns 236,090 shares of the company’s stock, valued at approximately $16,502,691. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $68.83, for a total transaction of $3,441,500.00. Insiders sold a total of 353,949 shares of company stock worth $25,290,546 in the last ninety days. Corporate insiders own 2.34% 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 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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