Cadence Design Systems (NASDAQ:CDNS) Updates Q1 2020 After-Hours Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its first quarter 2020
After-Hours earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.53-0.55 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.57. The company issued revenue guidance of $610-620 million, compared to the consensus revenue estimate of $608.99 million.Cadence Design Systems also updated its FY 2020
After-Hours guidance to 2.40-2.50 EPS.

NASDAQ CDNS traded down $0.49 during trading hours on Friday, reaching $78.76. 1,329,600 shares of the company’s stock were exchanged, compared to its average volume of 1,438,368. The company’s 50-day moving average is $72.90 and its two-hundred day moving average is $69.02. Cadence Design Systems has a one year low of $51.70 and a one year high of $79.68. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.59 and a current ratio of 1.70. The company has a market capitalization of $20.94 billion, a price-to-earnings ratio of 51.82, a price-to-earnings-growth ratio of 4.43 and a beta of 1.12.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Wednesday, February 12th. The software maker reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The business had revenue of $599.56 million during the quarter, compared to analysts’ expectations of $595.48 million. During the same period in the prior year, the business earned $0.52 EPS. Cadence Design Systems’s revenue for the quarter was up 5.2% compared to the same quarter last year. Research analysts predict that Cadence Design Systems will post 1.51 earnings per share for the current fiscal year.

CDNS has been the subject of a number of research reports. Needham & Company LLC increased their target price on Cadence Design Systems from $76.00 to $86.00 and gave the stock a buy rating in a research note on Thursday. Credit Suisse Group increased their target price on Cadence Design Systems from $75.00 to $80.00 and gave the stock a neutral rating in a research note on Thursday. Benchmark initiated coverage on Cadence Design Systems in a research note on Thursday. They set a buy rating and a $90.00 target price for the company. BidaskClub raised Cadence Design Systems from a hold rating to a buy rating in a research note on Thursday, January 23rd. Finally, Wells Fargo & Co upped their price target on Cadence Design Systems from $80.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $82.00.

In other Cadence Design Systems news, VP Surendra Babu Mandava sold 3,623 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $66.46, for a total transaction of $240,784.58. Following the completion of the transaction, the vice president now owns 296,137 shares of the company’s stock, valued at approximately $19,681,265.02. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP James J. Cowie sold 1,242 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $76.31, for a total value of $94,777.02. Following the transaction, the vice president now directly owns 103,530 shares of the company’s stock, valued at approximately $7,900,374.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 353,949 shares of company stock valued at $25,290,546. Insiders own 2.34% of the company’s stock.

Cadence Design Systems Company Profile

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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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