Cadence Design Systems (CDNS) Updates FY 2019 Earnings Guidance
Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY 2019 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.97-2.07 for the period, compared to the Thomson Reuters consensus estimate of $1.96. The company issued revenue guidance of $2.27-2.31 billion, compared to the consensus revenue estimate of $2.26 billion.Cadence Design Systems also updated its FY19 guidance to $1.97-2.07 EPS.
Shares of CDNS traded up $0.03 during mid-day trading on Thursday, hitting $55.10. 91,262 shares of the company’s stock were exchanged, compared to its average volume of 1,554,560. Cadence Design Systems has a 52 week low of $35.49 and a 52 week high of $57.25. The stock has a market capitalization of $15.54 billion, a PE ratio of 44.76, a P/E/G ratio of 3.49 and a beta of 1.06. The company has a current ratio of 1.64, a quick ratio of 1.58 and a debt-to-equity ratio of 0.27.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 19th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.91%. The business had revenue of $569.90 million for the quarter, compared to analysts’ expectations of $550.22 million. During the same period last year, the firm posted $0.39 earnings per share. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. Equities research analysts predict that Cadence Design Systems will post 1.26 earnings per share for the current fiscal year.
In related news, insider Thomas P. Beckley sold 23,208 shares of the company’s stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $48.00, for a total transaction of $1,113,984.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Shoven sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $50.00, for a total transaction of $2,500,000.00. Following the sale, the director now directly owns 152,120 shares in the company, valued at approximately $7,606,000. The disclosure for this sale can be found here. Insiders have sold a total of 173,208 shares of company stock worth $8,418,984 in the last ninety days. 2.28% of the stock is currently owned by insiders.
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Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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