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

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

Cadence Design Systems Trading Down 1.1 %

Shares of CDNS stock opened at $281.76 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The stock has a fifty day simple moving average of $304.84 and a two-hundred day simple moving average of $280.99. The firm has a market capitalization of $76.71 billion, a PE ratio of 73.38, a PEG ratio of 3.47 and a beta of 1.04.

Insiders Place Their Bets

In related news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the 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 transaction, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the sale, the senior vice president now owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock valued at $52,231,207 over the last 90 days. Insiders own 0.62% of the company’s stock.

Wall Street Analysts Forecast Growth

CDNS has been the subject of a number of research analyst reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday. StockNews.com downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Piper Sandler decreased their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Morgan Stanley raised Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, Robert W. Baird lifted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $316.50.

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.