Cadence Design Systems (NASDAQ:CDNS) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Cadence Design Systems (NASDAQ:CDNS) issued its quarterly earnings data on Monday. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04, Briefing.com reports. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. Cadence Design Systems’s revenue was down 1.2% compared to the same quarter last year.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $277.66 on Thursday. The stock’s 50-day simple moving average is $304.38 and its 200-day simple moving average is $280.97. Cadence Design Systems has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a market capitalization of $75.59 billion, a price-to-earnings ratio of 72.31, a PEG ratio of 3.43 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Insider Activity

In other news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at $41,468,674.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value 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. Insiders have sold 173,044 shares of company stock worth $52,231,207 over the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on CDNS shares. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, April 16th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Finally, Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $316.50.

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.