Cadence Design Systems, Inc. (NASDAQ:CDNS) issued its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01, Bloomberg Earnings reports. Cadence Design Systems had a return on equity of 29.00% and a net margin of 13.45%. The business had revenue of $485.40 million for the quarter, compared to analyst estimates of $481.10 million. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The company’s revenue was up 8.8% on a year-over-year basis. Cadence Design Systems updated its Q4 guidance to $0.38-0.40 EPS.
Cadence Design Systems (CDNS) opened at $44.04 on Friday. The stock has a market capitalization of $12,435.13, a P/E ratio of 47.35, a P/E/G ratio of 3.47 and a beta of 0.94. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.72 and a current ratio of 1.79. Cadence Design Systems has a 12 month low of $24.15 and a 12 month high of $44.67.
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CDNS has been the subject of a number of analyst reports. Royal Bank of Canada reiterated a “buy” rating and set a $46.00 price target on shares of Cadence Design Systems in a research report on Friday, October 27th. Zacks Investment Research upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, July 27th. Bank of America Corporation increased their target price on Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $40.60.
In other news, CFO John M. Wall sold 750 shares of the business’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $40.68, for a total value of $30,510.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Geoffrey G. Ribar sold 5,000 shares of the business’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $36.88, for a total value of $184,400.00. Following the completion of the transaction, the chief financial officer now directly owns 174,413 shares of the company’s stock, valued at $6,432,351.44. The disclosure for this sale can be found here. Insiders sold a total of 278,786 shares of company stock worth $10,962,920 over the last quarter. Company insiders own 2.55% of the company’s stock.
Cadence Design Systems Company Profile
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).
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