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

Cadence Design Systems (NASDAQ:CDNS) issued an update on its first quarter 2020
After-Hours earnings guidance on Wednesday morning. The company provided earnings per share guidance of 0.53-0.55 for the period, compared to the Thomson Reuters consensus earnings per share 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.

Several equities research analysts have recently weighed in on the company. Bank of America raised their price objective on Cadence Design Systems from $80.00 to $83.00 and gave the stock a neutral rating in a research note on Thursday. Needham & Company LLC lifted their target price on Cadence Design Systems from $76.00 to $86.00 and gave the stock a buy rating in a report on Thursday. Zacks Investment Research lowered Cadence Design Systems from a buy rating to a hold rating and set a $74.00 target price on the stock. in a research report on Tuesday, December 24th. Wells Fargo & Co upped their target price on Cadence Design Systems from $80.00 to $85.00 and gave the company an overweight rating in a report on Thursday, February 6th. Finally, ValuEngine downgraded Cadence Design Systems from a sell rating to a strong sell rating in a report on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $82.00.

Shares of CDNS stock traded down $0.49 during trading hours on Friday, reaching $78.76. 1,329,600 shares of the stock traded hands, compared to its average volume of 1,438,368. Cadence Design Systems has a 1-year low of $51.70 and a 1-year high of $79.68. The business has a fifty day moving average price of $72.90 and a 200 day moving average price of $69.02. The company has a quick ratio of 1.59, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $20.94 billion, a PE ratio of 51.82, a PEG ratio of 4.43 and a beta of 1.12.

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 the Thomson Reuters’ consensus estimate of $0.53 by $0.01. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The business had revenue of $599.56 million during the quarter, compared to the consensus estimate of $595.48 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. Research analysts expect that Cadence Design Systems will post 1.51 earnings per share for the current fiscal year.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 50,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $68.83, for a total transaction of $3,441,500.00. Also, VP Surendra Babu Mandava sold 3,623 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $66.46, for a total value of $240,784.58. Following the sale, the vice president now owns 296,137 shares of the company’s stock, valued at $19,681,265.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 353,949 shares of company stock worth $25,290,546. Company insiders own 2.34% of the company’s stock.

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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