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

Cadence Design Systems (NASDAQ:CDNS) released its quarterly earnings data on Monday. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04, Briefing.com reports. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 earnings per share.

Cadence Design Systems Price Performance

Shares of Cadence Design Systems stock traded down $4.02 on Wednesday, hitting $277.74. The company had a trading volume of 1,030,932 shares, compared to its average volume of 1,548,953. The company has a market cap of $75.61 billion, a PE ratio of 73.38, a PEG ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a 52 week low of $194.01 and a 52 week high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The business has a 50-day simple moving average of $304.84 and a 200-day simple moving average of $280.99.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 173,044 shares of company stock worth $52,231,207. Corporate insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several research reports. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Stifel Nicolaus upped their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Piper Sandler decreased their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $316.50.

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.