Cadence Design Systems (NASDAQ:CDNS) Issues Q1 2020 After-Hours Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its first quarter 2020
After-Hours earnings guidance on Wednesday. The company provided EPS guidance of 0.53-0.55 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.57. The company issued revenue guidance of $610-620 million, compared to the consensus revenue estimate of $608.99 million.Cadence Design Systems also updated its FY 2020
After-Hours guidance to 2.40-2.50 EPS.

A number of research firms have commented on CDNS. Royal Bank of Canada reissued an outperform rating and issued a $85.00 price target on shares of Cadence Design Systems in a research note on Thursday. Wells Fargo & Co raised their price objective on shares of Cadence Design Systems from $80.00 to $85.00 and gave the company an overweight rating in a research report on Thursday, February 6th. Credit Suisse Group lifted their price objective on shares of Cadence Design Systems from $75.00 to $80.00 and gave the stock a neutral rating in a report on Thursday. Needham & Company LLC lifted their price objective on shares of Cadence Design Systems from $76.00 to $86.00 and gave the stock a buy rating in a report on Thursday. Finally, Bank of America upped their target price on shares of Cadence Design Systems from $80.00 to $83.00 and gave the stock a neutral rating in a research report on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Cadence Design Systems presently has a consensus rating of Hold and a consensus price target of $82.00.

NASDAQ:CDNS traded down $0.49 during mid-day trading on Friday, reaching $78.76. The stock had a trading volume of 1,329,600 shares, compared to its average volume of 1,438,368. The stock has a market capitalization of $20.94 billion, a P/E ratio of 51.82, a P/E/G ratio of 4.43 and a beta of 1.12. The firm has a 50 day moving average price of $72.90 and a two-hundred day moving average price of $69.02. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.59 and a current ratio of 1.70. Cadence Design Systems has a one year low of $51.70 and a one year high of $79.68.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Wednesday, February 12th. The software maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $599.56 million for the quarter, compared to analysts’ expectations of $595.48 million. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $0.52 earnings per share. Research analysts forecast that Cadence Design Systems will post 1.51 earnings per share for the current year.

In related news, VP James J. Cowie sold 1,242 shares of Cadence Design Systems stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $76.31, for a total value of $94,777.02. Following the transaction, the vice president now owns 103,530 shares in the company, valued at approximately $7,900,374.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Thomas P. Beckley sold 55,750 shares of Cadence Design Systems stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $75.00, for a total transaction of $4,181,250.00. Following the completion of the transaction, the vice president now owns 308,504 shares in the company, valued at approximately $23,137,800. The disclosure for this sale can be found here. Insiders sold a total of 353,949 shares of company stock valued at $25,290,546 in the last ninety days. 2.34% of the stock is 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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

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