Cadence Design Systems, Inc. (NASDAQ:CDNS) updated its third quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.33-0.35 for the period, compared to the Thomson Reuters consensus estimate of $0.35. The company issued revenue guidance of $475-485 million, compared to the consensus revenue estimate of $481.52 million.Cadence Design Systems also updated its FY17 guidance to $1.36-1.42 EPS.
A number of research firms recently weighed in on CDNS. BidaskClub raised shares of Cadence Design Systems from a buy rating to a strong-buy rating in a research note on Tuesday, August 1st. Zacks Investment Research cut shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Friday, July 28th. Bank of America Corporation upped their target price on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a buy rating in a research note on Tuesday, July 25th. Royal Bank Of Canada upped their target price on shares of Cadence Design Systems from $36.00 to $39.00 and gave the company an outperform rating in a research note on Tuesday, July 25th. Finally, DA Davidson cut shares of Cadence Design Systems from a buy rating to a neutral rating in a research note on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Cadence Design Systems presently has an average rating of Hold and an average target price of $33.67.
Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 36.34 on Friday. Cadence Design Systems, Inc. has a 52-week low of $24.03 and a 52-week high of $37.51. The firm has a market capitalization of $10.18 billion, a price-to-earnings ratio of 42.26 and a beta of 0.94. The firm has a 50-day moving average of $35.17 and a 200-day moving average of $32.66.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The firm had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. During the same period last year, the firm earned $0.29 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post $1.39 EPS for the current fiscal year.
In other Cadence Design Systems news, insider Aneel Zaman sold 29,406 shares of the firm’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $32.62, for a total value of $959,223.72. Following the transaction, the insider now directly owns 247,495 shares of the company’s stock, valued at approximately $8,073,286.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Thomas P. Beckley sold 56,250 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the sale, the insider now directly owns 322,734 shares in the company, valued at $11,295,690. The disclosure for this sale can be found here. Over the last three months, insiders sold 434,656 shares of company stock worth $14,786,334. Insiders own 2.55% of the company’s stock.
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Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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