Cadence Design Systems (NASDAQ:CDNS) Releases Quarterly Earnings Results

Cadence Design Systems (NASDAQ:CDNS) posted its quarterly earnings data on Monday. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04, Briefing.com reports. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the company earned $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $281.76 on Wednesday. The company has a market cap of $76.71 billion, a P/E ratio of 73.38, a P/E/G ratio of 3.47 and a beta of 1.04. The firm’s fifty day moving average price is $304.84 and its two-hundred day moving average price is $280.99. Cadence Design Systems has a one year low of $194.01 and a one year 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CDNS. Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Piper Sandler decreased their price objective on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday. Stifel Nicolaus upped their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Wells Fargo & Company raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $316.50.

Insider Buying and Selling

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,044 shares of company stock valued at $52,231,207. Company insiders own 0.62% of the company’s stock.

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.