Cadence Design Systems (NASDAQ:CDNS) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) issued its earnings results on Monday. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04, Briefing.com reports. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the firm earned $1.02 earnings per share. The firm's revenue for the quarter was down 1.2% on a year-over-year basis.

Cadence Design Systems Stock Up 1.7 %

Shares of CDNS stock traded up $4.77 during mid-day trading on Monday, reaching $285.02. 2,739,894 shares of the company's stock traded hands, compared to its average volume of 1,514,106. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a market cap of $77.59 billion, a P/E ratio of 74.61, a P/E/G ratio of 3.41 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The company's 50-day moving average price is $305.09 and its 200-day moving average price is $280.73.

Wall Street Analyst Weigh In

Several brokerages recently commented on CDNS. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an "outperform" rating in a research note on Thursday. Needham & Company LLC reiterated a "buy" rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday. StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a report on Tuesday, April 16th. Wells Fargo & Company lifted their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, April 16th. Finally, Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $318.10.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company's stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total value of $1,350,000.00. Following the transaction, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Paul Cunningham sold 1,000 shares of the company's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $310.46, for a total value of $310,460.00. Following the transaction, the vice president now owns 68,144 shares in the company, valued at approximately $21,155,986.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the company's stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the completion of the transaction, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock worth $53,581,207 in the last quarter. Corporate insiders own 0.62% of the company's stock.

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