Cadence Design Systems (NASDAQ:CDNS) posted its quarterly earnings results on Sunday. The software maker reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.09, MarketWatch Earnings reports. Cadence Design Systems had a return on equity of 48.31% and a net margin of 42.68%. The firm had revenue of $759.10 million during the quarter, compared to analysts’ expectations of $731.31 million. During the same quarter in the previous year, the business earned $0.54 earnings per share. The company’s revenue was up 26.6% on a year-over-year basis.
Shares of NASDAQ CDNS traded down $0.63 during mid-day trading on Tuesday, reaching $132.53. The company’s stock had a trading volume of 183,609 shares, compared to its average volume of 1,503,900. The firm has a market capitalization of $36.97 billion, a PE ratio of 34.59, a P/E/G ratio of 4.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.55 and a quick ratio of 1.51. The stock has a fifty day moving average of $136.95 and a two-hundred day moving average of $119.52. Cadence Design Systems has a 52 week low of $51.39 and a 52 week high of $149.08.
Several research analysts have recently weighed in on the company. Bank of America cut Cadence Design Systems from a “buy” rating to an “underperform” rating in a research note on Monday, January 11th. Credit Suisse Group upped their price objective on Cadence Design Systems from $110.00 to $135.00 and gave the company a “neutral” rating in a research report on Monday. Royal Bank of Canada upped their price objective on Cadence Design Systems from $127.00 to $160.00 and gave the company an “outperform” rating in a research report on Tuesday. JPMorgan Chase & Co. upgraded 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. Finally, KeyCorp upped their price objective on 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 analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $131.92.
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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