Cadence Design Systems (NASDAQ:CDNS) Updates FY21 Earnings Guidance


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Cadence Design Systems (NASDAQ:CDNS) updated its FY21 earnings guidance on Monday. The company provided earnings per share guidance of $2.95-3.05 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.88. The company issued revenue guidance of $2.86-2.92 billion, compared to the consensus revenue estimate of $2.83 billion.Cadence Design Systems also updated its FY 2021
After-Hours guidance to 2.95-3.05 EPS.

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

Shares of Cadence Design Systems stock traded down $6.50 during trading on Monday, reaching $133.16. The company had a trading volume of 2,063,133 shares, compared to its average volume of 1,503,900. The company has a market cap of $37.14 billion, a price-to-earnings ratio of 34.59, a price-to-earnings-growth ratio of 4.64 and a beta of 1.05. Cadence Design Systems has a fifty-two week low of $51.39 and a fifty-two week high of $149.08. The firm’s fifty day moving average is $136.95 and its 200-day moving average is $119.52. 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 released its quarterly earnings data on Monday, February 22nd. The software maker reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.09. The firm had revenue of $759.10 million for the quarter, compared to analyst estimates of $731.31 million. Cadence Design Systems had a net margin of 42.68% and a return on equity of 48.31%. Cadence Design Systems’s quarterly revenue was up 26.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share. On average, research analysts anticipate that Cadence Design Systems will post 2.02 EPS for the current fiscal year.

In other news, CEO Lip Bu Tan sold 50,000 shares of the stock in a transaction that occurred on Friday, January 15th. The shares were sold at an average price of $134.60, for a total value of $6,730,000.00. Following the completion of the transaction, the chief executive officer now directly owns 781,709 shares in the company, valued at $105,218,031.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Shoven sold 20,000 shares of the stock in a transaction that occurred on Monday, January 4th. The shares were sold at an average price of $137.55, for a total transaction of $2,751,000.00. Following the completion of the transaction, 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. In the last quarter, insiders have sold 155,300 shares of company stock worth $21,171,858. 2.58% of the stock is owned by company insiders.

Cadence Design Systems Company Profile

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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