Cadence Design Systems, Inc. (CDNS) Updates Q4 Earnings Guidance

Cadence Design Systems, Inc. (NASDAQ:CDNS) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.38-0.40 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.39. The company issued revenue guidance of $490-500 million, compared to the consensus revenue estimate of $496.86 million.

Cadence Design Systems, Inc. (CDNS) opened at $44.04 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.72 and a debt-to-equity ratio of 0.64. The firm has a market cap of $12,435.13, a price-to-earnings ratio of 47.35, a price-to-earnings-growth ratio of 3.47 and a beta of 0.94. Cadence Design Systems, Inc. has a 12-month low of $24.15 and a 12-month high of $44.67.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The business had revenue of $485.40 million during the quarter, compared to analyst estimates of $481.10 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities analysts predict that Cadence Design Systems, Inc. will post 1.06 EPS for the current fiscal year.

A number of brokerages recently issued reports on CDNS. BidaskClub raised shares of Cadence Design Systems from a buy rating to a strong-buy rating in a research report on Wednesday, August 16th. Royal Bank Of Canada raised their target price on shares of Cadence Design Systems from $36.00 to $39.00 and gave the company an outperform rating in a report on Tuesday, July 25th. DA Davidson raised their target price on shares of Cadence Design Systems to $43.00 and gave the company a neutral rating in a report on Monday, October 30th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Cadence Design Systems from a buy rating to a hold rating in a report on Friday, July 28th. Finally, Credit Suisse Group reissued an outperform rating on shares of Cadence Design Systems in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $40.60.

In other news, VP James J. Cowie sold 5,036 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $37.21, for a total transaction of $187,389.56. Following the completion of the sale, the vice president now directly owns 82,082 shares of the company’s stock, valued at $3,054,271.22. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Roger S. Siboni sold 18,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $43.14, for a total value of $776,520.00. Following the completion of the sale, the director now directly owns 52,194 shares of the company’s stock, valued at $2,251,649.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 278,786 shares of company stock valued at $10,962,920. 2.55% of the stock is owned by company insiders.

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About Cadence Design Systems

Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).

Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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