Cadence Design Systems (NASDAQ:CDNS) updated its FY 2020
After-Hours earnings guidance on Wednesday. The company provided EPS guidance of 2.40-2.50 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.34. The company issued revenue guidance of $2.545-2.585 billion, compared to the consensus revenue estimate of $2.5 billion.Cadence Design Systems also updated its FY20 guidance to $2.40 to $2.50 EPS.
Several research firms have commented on CDNS. ValuEngine cut shares of Cadence Design Systems from a sell rating to a strong sell rating in a research note on Thursday. BidaskClub raised Cadence Design Systems from a hold rating to a buy rating in a research note on Thursday, January 23rd. Wells Fargo & Co raised their price objective on Cadence Design Systems from $80.00 to $85.00 and gave the stock an overweight rating in a report on Thursday, February 6th. Bank of America lifted their price objective on Cadence Design Systems from $80.00 to $83.00 and gave the company a neutral rating in a research report on Thursday. Finally, Benchmark began coverage on Cadence Design Systems in a research note on Thursday. They issued a buy rating and a $90.00 target price for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $82.00.
NASDAQ:CDNS traded down $0.49 during trading hours on Friday, reaching $78.76. 1,329,600 shares of the company were exchanged, compared to its average volume of 1,438,368. The firm has a market cap of $20.94 billion, a price-to-earnings ratio of 51.82, a PEG ratio of 4.43 and a beta of 1.12. The stock has a 50 day simple moving average of $72.90 and a 200 day simple moving average of $69.02. Cadence Design Systems has a 52-week low of $51.70 and a 52-week high of $79.68. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Wednesday, February 12th. The software maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $599.56 million during the quarter, compared to the consensus estimate of $595.48 million. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 EPS. On average, analysts predict that Cadence Design Systems will post 1.51 EPS for the current fiscal year.
In related news, VP Surendra Babu Mandava sold 3,623 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $66.46, for a total transaction of $240,784.58. Following the completion of the sale, the vice president now directly owns 296,137 shares of the company’s stock, valued at approximately $19,681,265.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP James J. Cowie sold 1,242 shares of the 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 completion of the sale, the vice president now owns 103,530 shares of the company’s stock, valued at $7,900,374.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 353,949 shares of company stock worth $25,290,546. Company insiders own 2.34% 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 simulation platform; Palladium Z1, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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