Cadence Design Systems (NASDAQ:CDNS) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Cadence Design Systems (NASDAQ:CDNS) posted its earnings results on Monday. The software maker reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20, Briefing.com reports. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the prior year, the company earned $1.01 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year.

Cadence Design Systems Stock Up 12.5 %

Shares of NASDAQ CDNS opened at $284.45 on Wednesday. The stock has a 50 day moving average price of $266.90 and a 200 day moving average price of $281.98. The firm has a market capitalization of $77.49 billion, a price-to-earnings ratio of 74.08, a PEG ratio of 3.03 and a beta of 1.02. Cadence Design Systems has a 52-week low of $230.65 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Insider Buying and Selling at Cadence Design Systems

In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock valued at $7,728,272 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday. Oppenheimer assumed coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Tuesday. Finally, Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $323.17.

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.