Cadence Design Systems (NASDAQ:CDNS) Announces Quarterly Earnings Results

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

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $281.76 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. The company has a fifty day moving average of $304.84 and a two-hundred day moving average of $280.99. The stock has a market capitalization of $76.71 billion, a PE ratio of 73.38, a P/E/G ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Stifel Nicolaus lifted their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $316.50.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,044 shares of company stock worth $52,231,207. Company insiders own 0.62% of the company’s stock.

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.