Cadence Design Systems, Inc. (CDNS) Announces Quarterly Earnings Results
Cadence Design Systems, Inc. (NASDAQ:CDNS) announced its earnings results on Monday. The software maker reported $0.34 EPS for the quarter, topping the consensus estimate of $0.32 by $0.02, Bloomberg Earnings reports. The firm had revenue of $479 million for the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a net margin of 11.97% and a return on equity of 26.52%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period last year, the company posted $0.29 EPS. Cadence Design Systems updated its Q3 guidance to $0.33-0.35 EPS and its FY17 guidance to $1.36-1.42 EPS.
Shares of Cadence Design Systems (CDNS) traded up 0.26% during trading on Monday, hitting $35.07. 3,595,353 shares of the stock traded hands. Cadence Design Systems has a 52 week low of $23.83 and a 52 week high of $35.69. The firm has a market cap of $9.81 billion, a P/E ratio of 45.08 and a beta of 0.93. The company has a 50-day moving average of $34.38 and a 200-day moving average of $31.71.
In related news, CEO Lip Bu Tan sold 100,000 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $34.68, for a total value of $3,468,000.00. Following the completion of the sale, the chief executive officer now directly owns 583,332 shares of the company’s stock, valued at approximately $20,229,953.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas P. Beckley sold 56,250 shares of the stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total value of $1,968,750.00. Following the completion of the sale, the insider now directly owns 322,734 shares of the company’s stock, valued at $11,295,690. The disclosure for this sale can be found here. Insiders sold a total of 502,663 shares of company stock valued at $16,975,295 over the last three months. 2.55% of the stock is currently owned by insiders.
Several equities analysts have recently weighed in on CDNS shares. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Thursday, April 27th. DA Davidson cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $33.00 price target on shares of Cadence Design Systems in a research note on Tuesday, April 18th. Finally, BidaskClub cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $29.83.
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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