Cadence Design Systems (NASDAQ:CDNS) updated its first quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.48-0.50 for the period, compared to the Thomson Reuters consensus estimate of $0.46. The company issued revenue guidance of $565-575 million, compared to the consensus revenue estimate of $549.14 million.Cadence Design Systems also updated its FY 2019 guidance to $1.97-2.07 EPS.
A number of research firms have commented on CDNS. Zacks Investment Research lowered Cadence Design Systems from a buy rating to a hold rating in a research note on Monday, February 4th. BidaskClub upgraded Cadence Design Systems from a buy rating to a strong-buy rating in a research note on Friday, February 15th. DA Davidson raised their price objective on Cadence Design Systems to $62.00 and gave the stock a buy rating in a research note on Wednesday. Needham & Company LLC raised their price objective on Cadence Design Systems to $60.00 and gave the stock a buy rating in a research note on Wednesday. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research note on Tuesday, November 20th. They set a hold rating and a $50.00 price objective on the stock. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $53.75.
Shares of CDNS stock traded up $0.30 during trading hours on Thursday, reaching $55.37. The company’s stock had a trading volume of 1,373,716 shares, compared to its average volume of 1,554,560. The company has a market cap of $15.54 billion, a PE ratio of 45.02, a P/E/G ratio of 3.49 and a beta of 1.06. Cadence Design Systems has a fifty-two week low of $35.49 and a fifty-two week high of $57.25. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.64.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.06. The firm had revenue of $569.90 million for the quarter, compared to the consensus estimate of $550.22 million. Cadence Design Systems had a return on equity of 28.91% and a net margin of 16.17%. The company’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 EPS. On average, equities analysts predict that Cadence Design Systems will post 1.26 EPS for the current fiscal year.
In related news, insider Thomas P. Beckley sold 23,208 shares of the firm’s stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $48.00, for a total transaction of $1,113,984.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $48.05, for a total value of $4,805,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 173,208 shares of company stock worth $8,418,984. Company insiders own 2.28% of the company’s stock.
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About Cadence Design Systems
Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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 simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.
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