Cadence Design Systems (CDNS) Issues FY19 Earnings Guidance

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Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY19 earnings guidance on Monday morning. The company provided EPS guidance of $2.04-2.12 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.03. The company issued revenue guidance of $2.305-2.335 billion, compared to the consensus revenue estimate of $2.29 billion.Cadence Design Systems also updated its FY 2019 guidance to $2.04-2.12 EPS.

Shares of CDNS stock traded up $0.84 during midday trading on Monday, reaching $64.21. 1,670,166 shares of the company traded hands, compared to its average volume of 1,929,939. Cadence Design Systems has a 1-year low of $36.65 and a 1-year high of $65.64. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The company has a market cap of $17.88 billion, a price-to-earnings ratio of 52.20, a PEG ratio of 3.77 and a beta of 1.11.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Tuesday, February 19th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.06. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. The company had revenue of $569.90 million during the quarter, compared to the consensus estimate of $550.22 million. During the same period last year, the firm earned $0.39 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. Sell-side analysts forecast that Cadence Design Systems will post 1.4 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on CDNS shares. Zacks Investment Research downgraded shares of Cadence Design Systems from a strong-buy rating to a hold rating in a research report on Monday, December 31st. BidaskClub upgraded Cadence Design Systems from a hold rating to a buy rating in a research report on Tuesday, February 5th. DA Davidson lifted their price objective on Cadence Design Systems to $62.00 and gave the stock a buy rating in a research report on Wednesday, February 20th. Needham & Company LLC lifted their price objective on Cadence Design Systems to $60.00 and gave the stock a buy rating in a research report on Wednesday, February 20th. Finally, ValuEngine upgraded Cadence Design Systems from a buy rating to a strong-buy rating in a research report on Saturday, February 23rd. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $54.88.

In other Cadence Design Systems news, insider Aneel Zaman sold 66,808 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $61.77, for a total value of $4,126,730.16. Following the completion of the sale, the insider now directly owns 285,961 shares of the company’s stock, valued at approximately $17,663,810.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $48.05, for a total transaction of $4,805,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 392,227 shares of company stock valued at $21,982,062 over the last 90 days. Insiders own 2.34% of the company’s stock.

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

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