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

Cadence Design Systems (NASDAQ:CDNS) announced its earnings results on Monday. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04, Briefing.com reports. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm earned $1.02 earnings per share.

Cadence Design Systems Stock Down 1.1 %

CDNS stock opened at $281.76 on Wednesday. The firm’s fifty day simple moving average is $304.84 and its 200-day simple moving average is $280.99. The company has a market capitalization of $76.71 billion, a P/E ratio of 73.38, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CDNS shares. Wells Fargo & Company boosted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday. 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $316.50.

Insider Activity

In other 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 value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Thomas P. Beckley sold 65,268 shares of the 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 sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Tuesday, February 6th. The stock was 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 in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock valued at $52,231,207 in the last ninety days. 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.