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

Cadence Design Systems (NASDAQ:CDNS) posted its earnings results on Monday. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04, Briefing.com reports. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 33.53%. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.02 EPS.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock opened at $281.76 on Wednesday. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The stock has a market capitalization of $76.71 billion, a price-to-earnings ratio of 73.38, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company has a fifty day moving average of $304.84 and a 200-day moving average of $280.99. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Insider Activity

In other news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the director now directly owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,044 shares of company stock valued at $52,231,207. Corporate insiders own 0.62% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the topic of a number of analyst reports. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday. Robert W. Baird upped their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, April 18th. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, April 16th. Three equities 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, Cadence Design Systems presently has a consensus rating of “Moderate Buy” and a consensus target price 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.