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

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

Cadence Design Systems Stock Down 1.1 %

CDNS stock opened at $281.76 on Wednesday. The firm’s fifty day simple moving average is $304.84 and its 200-day simple moving average is $280.99. The company has a market capitalization of $76.71 billion, a P/E ratio of 73.38, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36.

Insider Activity

In other news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction 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 sale, the director now directly owns 53,183 shares of the company’s stock, valued at $15,924,053.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock valued at $52,231,207 in the last ninety days. Insiders own 0.62% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on CDNS shares. Piper Sandler reduced their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday. KeyCorp boosted their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Robert W. Baird upped their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.