Cadence Design Systems, Inc. (CDNS) Releases FY17 Earnings Guidance
Cadence Design Systems, Inc. (NASDAQ:CDNS) updated its FY17 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $1.36-1.42 for the period, compared to the Thomson Reuters consensus estimate of $1.38. The company issued revenue guidance of $1.91-1.95 billion, compared to the consensus revenue estimate of $1.93 billion.Cadence Design Systems also updated its Q3 guidance to $0.33-0.35 EPS.
A number of equities analysts recently commented on the company. BidaskClub raised Cadence Design Systems from a buy rating to a strong-buy rating in a research note on Thursday, July 13th. Royal Bank Of Canada reissued a buy rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Zacks Investment Research lowered Cadence Design Systems from a buy rating to a hold rating in a research note on Friday, April 28th. Finally, DA Davidson lowered Cadence Design Systems from a buy rating to a neutral rating in a research note on Tuesday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $29.83.
Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) traded up 0.26% during trading on Monday, hitting $35.07. The stock had a trading volume of 3,593,513 shares. The firm has a 50 day moving average price of $34.38 and a 200-day moving average price of $31.53. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 45.08 and a beta of 0.93. Cadence Design Systems, Inc. has a 52 week low of $23.83 and a 52 week high of $35.69.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 24th. The software maker reported $0.32 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.32. The company had revenue of $477 million during the quarter, compared to analysts’ expectations of $474.23 million. Cadence Design Systems had a return on equity of 26.52% and a net margin of 11.97%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.28 EPS. On average, equities research analysts forecast that Cadence Design Systems, Inc. will post $1.38 EPS for the current fiscal year.
In other news, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 583,332 shares in the company, valued at approximately $20,229,953.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 322,734 shares of the company’s stock, valued at approximately $11,295,690. The disclosure for this sale can be found here. In the last 90 days, insiders sold 502,663 shares of company stock valued at $16,975,295. 2.55% of the stock is currently owned by company insiders.
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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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