Cadence Design Systems (NASDAQ:CDNS) Announces Earnings Results

Cadence Design Systems (NASDAQ:CDNS) issued its quarterly earnings results 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. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. Cadence Design Systems’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.02 earnings per share.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $285.02 on Tuesday. 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 quick ratio of 1.13 and a current ratio of 1.24. The stock has a market cap of $77.59 billion, a PE ratio of 74.61, a P/E/G ratio of 3.41 and a beta of 1.04. The stock has a 50 day moving average price of $305.09 and a 200 day moving average price of $280.73.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CDNS shares. KeyCorp increased their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Stifel Nicolaus raised their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. 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. Finally, Wells Fargo & Company raised their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average target price of $318.10.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now 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 the SEC website. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction 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 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 firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following 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. Over the last 90 days, insiders sold 177,544 shares of company stock valued at $53,581,207. 0.62% of the stock is currently owned by insiders.

About Cadence Design Systems

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.