Cadence Design Systems (NASDAQ:CDNS) Releases Q1 Earnings Guidance


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Cadence Design Systems (NASDAQ:CDNS) issued an update on its first quarter earnings guidance on Monday morning. The company provided EPS guidance of $0.72-0.76 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.70. The company issued revenue guidance of $710-730 million, compared to the consensus revenue estimate of $697.22 million.Cadence Design Systems also updated its FY 2021
After-Hours guidance to 2.95-3.05 EPS.

Cadence Design Systems stock traded down $6.50 during midday trading on Monday, reaching $133.16. The stock had a trading volume of 2,063,133 shares, compared to its average volume of 1,503,900. The firm’s fifty day simple moving average is $136.95 and its 200-day simple moving average is $119.52. Cadence Design Systems has a 1-year low of $51.39 and a 1-year high of $149.08. The stock has a market capitalization of $37.14 billion, a P/E ratio of 34.59, a price-to-earnings-growth ratio of 4.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.51 and a current ratio of 1.55.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, February 22nd. The software maker reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.09. Cadence Design Systems had a return on equity of 48.31% and a net margin of 42.68%. The business had revenue of $759.10 million for the quarter, compared to analyst estimates of $731.31 million. During the same quarter last year, the firm earned $0.54 EPS. Cadence Design Systems’s revenue for the quarter was up 26.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Design Systems will post 2.02 earnings per share for the current fiscal year.

CDNS has been the topic of several recent analyst reports. Credit Suisse Group boosted their price target on Cadence Design Systems from $110.00 to $135.00 and gave the stock a neutral rating in a research report on Monday. Bank of America lowered Cadence Design Systems from a buy rating to an underperform rating in a research report on Monday, January 11th. Wells Fargo & Company boosted their price target on Cadence Design Systems from $145.00 to $160.00 and gave the stock an overweight rating in a research report on Wednesday, February 10th. KeyCorp boosted their price target on Cadence Design Systems from $155.00 to $160.00 and gave the stock an overweight rating in a research report on Tuesday, February 16th. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from a neutral rating to an overweight rating and boosted their price target for the stock from $122.00 to $145.00 in a research report on Wednesday, December 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. Cadence Design Systems has an average rating of Buy and a consensus target price of $125.50.

In related news, Director Vincentelli Albert Sangiovanni sold 25,000 shares of the business’s stock in a transaction on Tuesday, December 1st. The stock was sold at an average price of $115.54, for a total value of $2,888,500.00. Following the completion of the sale, the director now directly owns 105,290 shares in the company, valued at approximately $12,165,206.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Shoven sold 20,000 shares of the business’s stock in a transaction on Monday, January 4th. The shares were sold at an average price of $137.55, for a total value of $2,751,000.00. Following the completion of the sale, the director now owns 2,793 shares of the company’s stock, valued at $384,177.15. The disclosure for this sale can be found here. Insiders sold a total of 155,300 shares of company stock valued at $21,171,858 over the last 90 days. 2.58% of the stock is currently owned by corporate insiders.

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 emulation platform; and Protium, a prototyping platform for chip verification.

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

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