Cadence Design Systems, Inc. (NASDAQ:CDNS) announced its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.02, Bloomberg Earnings reports. 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 the consensus estimate of $476.21 million. During the same period in the prior year, the firm earned $0.29 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis. Cadence Design Systems updated its Q3 guidance to $0.33-0.35 EPS and its FY17 guidance to $1.36-1.42 EPS.
Cadence Design Systems (NASDAQ:CDNS) opened at 36.95 on Friday. The firm has a market cap of $10.35 billion, a PE ratio of 42.97 and a beta of 0.94. Cadence Design Systems has a 12-month low of $24.15 and a 12-month high of $37.70. The firm’s 50-day moving average is $35.62 and its 200 day moving average is $33.05.
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In other news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $34.04, for a total transaction of $3,404,000.00. Following the completion of the sale, the chief executive officer now owns 583,332 shares of the company’s stock, valued at $19,856,621.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The stock was 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 of the company’s stock, valued at approximately $11,295,690. The disclosure for this sale can be found here. Insiders have sold 505,250 shares of company stock valued at $17,545,110 in the last three months. Corporate insiders own 2.55% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd increased its position in Cadence Design Systems by 55.3% in the second quarter. WINTON GROUP Ltd now owns 296,620 shares of the software maker’s stock worth $9,934,000 after buying an additional 105,633 shares in the last quarter. Koch Industries Inc. increased its position in Cadence Design Systems by 10,354.0% in the second quarter. Koch Industries Inc. now owns 1,024,180 shares of the software maker’s stock worth $994,000 after buying an additional 1,014,383 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in Cadence Design Systems by 1.8% in the second quarter. Ameritas Investment Partners Inc. now owns 83,671 shares of the software maker’s stock worth $2,802,000 after buying an additional 1,494 shares in the last quarter. Nomura Holdings Inc. acquired a new position in Cadence Design Systems during the second quarter worth approximately $264,000. Finally, The Manufacturers Life Insurance Company increased its position in Cadence Design Systems by 1.3% in the second quarter. The Manufacturers Life Insurance Company now owns 490,990 shares of the software maker’s stock worth $16,444,000 after buying an additional 6,372 shares in the last quarter. 86.08% of the stock is owned by hedge funds and other institutional investors.
CDNS has been the topic of several recent research reports. DA Davidson downgraded shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a research note on Thursday, April 27th. BidaskClub downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Finally, Bank of America Corporation upped their target price on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $33.67.
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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