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

Cadence Design Systems (NASDAQ:CDNS) issued its earnings results 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. Cadence Design Systems had a return on equity of 31.52% and a net margin of 25.36%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year.

Cadence Design Systems Stock Down 0.7 %

NASDAQ:CDNS traded down $1.76 during trading hours on Thursday, hitting $264.58. 256,326 shares of the stock traded hands, compared to its average volume of 1,594,187. The firm has a 50 day moving average price of $302.33 and a 200 day moving average price of $298.11. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The firm has a market cap of $72.08 billion, a price-to-earnings ratio of 69.36, a PEG ratio of 3.46 and a beta of 1.03.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Bank of America lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. KeyCorp boosted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Transactions at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s 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 directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s 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 directly owns 46,551 shares of the company’s stock, valued at $14,643,548.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Chin-Chi Teng sold 32,184 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,134 shares of company stock valued at $14,987,093. 1.99% of the stock is owned by insiders.

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.