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

Cadence Design Systems (NASDAQ:CDNS) announced its quarterly earnings results on Monday. The software maker reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.06, Briefing.com reports. Cadence Design Systems had a net margin of 25.36% and a return on equity of 31.52%. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company posted $0.94 EPS. The company’s revenue was up 8.6% on a year-over-year basis.

Cadence Design Systems Stock Down 0.7 %

Shares of CDNS stock traded down $1.76 on Thursday, hitting $264.58. The stock had a trading volume of 256,326 shares, compared to its average volume of 1,594,187. Cadence Design Systems has a 12-month low of $217.77 and a 12-month high of $328.99. The business has a 50 day moving average of $302.33 and a 200 day moving average of $298.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The stock has a market cap of $72.08 billion, a price-to-earnings ratio of 69.36, a price-to-earnings-growth ratio of 3.46 and a beta of 1.03.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. KeyCorp upped their price objective on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Bank of America upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Robert W. Baird reduced their price objective on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Insider Buying and Selling

In related news, VP Chin-Chi Teng sold 32,184 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total transaction of $9,573,130.80. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Chin-Chi Teng sold 32,184 shares of Cadence Design Systems stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the completion of the transaction, the vice president now owns 95,408 shares in the company, valued at $28,379,109.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,134 shares of company stock worth $14,987,093. Insiders own 1.99% of the company’s stock.

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.