Cadence Design Systems, Inc. (NASDAQ:CDNS) Updates FY17 Earnings Guidance

Cadence Design Systems, Inc. (NASDAQ:CDNS) updated its FY17 earnings guidance on Monday. The company provided EPS guidance of $1.36-1.42 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.38. The company issued revenue guidance of $1.91-1.95 billion, compared to the consensus revenue estimate of $1.93 billion.Cadence Design Systems also updated its Q3 guidance to $0.33-0.35 EPS.

A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Cadence Design Systems from a hold rating to a buy rating and set a $36.00 price objective on the stock in a research report on Thursday, April 27th. DA Davidson cut Cadence Design Systems from a buy rating to a neutral rating in a report on Tuesday, April 25th. Royal Bank Of Canada reissued a buy rating on shares of Cadence Design Systems in a research report on Friday, July 7th. BidaskClub downgraded Cadence Design Systems from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. Finally, Bank of America Corporation upped their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a buy rating in a research report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $33.67.

Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 36.95 on Friday. Cadence Design Systems, Inc. has a one year low of $24.15 and a one year high of $37.70. The firm has a market capitalization of $10.35 billion, a price-to-earnings ratio of 42.97 and a beta of 0.94. The stock has a 50 day moving average price of $35.62 and a 200-day moving average price of $33.05.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ 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 analysts’ expectations of $476.21 million. During the same quarter last year, the company posted $0.29 earnings per share. Cadence Design Systems’s revenue was up 5.7% on a year-over-year basis. On average, analysts predict that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.

In other news, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $37.18, for a total transaction of $3,718,000.00. Following the sale, the chief executive officer now owns 583,332 shares of the company’s stock, valued at $21,688,283.76. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP James J. Cowie sold 44,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $33.09, for a total value of $1,455,960.00. Following the sale, the vice president now directly owns 137,332 shares in the company, valued at approximately $4,544,315.88. The disclosure for this sale can be found here. Insiders sold 505,250 shares of company stock worth $17,545,110 in the last three months. 2.55% of the stock is currently owned by corporate insiders.

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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).

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

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