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

Cadence Design Systems (NASDAQ:CDNS) posted its quarterly earnings data 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 net margin of 25.36% and a return on equity of 29.54%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company posted $1.01 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year.

Cadence Design Systems Trading Up 9.4 %

Shares of NASDAQ CDNS opened at $276.51 on Tuesday. The stock has a market capitalization of $75.33 billion, a P/E ratio of 65.83, a PEG ratio of 3.03 and a beta of 1.02. The stock’s 50 day moving average price is $266.84 and its two-hundred day moving average price is $282.13. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 52-week low of $230.65 and a 52-week high of $328.99.

Analyst Ratings Changes

CDNS has been the topic of a number of recent analyst reports. Berenberg Bank started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Oppenheimer initiated coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective on the stock. Finally, Mizuho initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price for the company. 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 company’s stock. According to data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $323.17.

Insider Transactions at Cadence Design Systems

In related news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is currently owned by corporate insiders.

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.