Cadence Design Systems (NASDAQ:CDNS) Updates FY19 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY19 earnings guidance on Monday morning. The company provided earnings per share guidance of $2.11-2.17 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.09. The company issued revenue guidance of $2.315-2.335 billion, compared to the consensus revenue estimate of $2.32 billion.Cadence Design Systems also updated its FY 2019 guidance to $2.11-2.17 EPS.

Shares of NASDAQ CDNS traded down $0.26 during trading hours on Monday, hitting $72.66. The company’s stock had a trading volume of 2,931,312 shares, compared to its average volume of 2,105,464. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.39 and a current ratio of 1.45. The stock has a market capitalization of $20.49 billion, a PE ratio of 59.07, a price-to-earnings-growth ratio of 4.53 and a beta of 1.17. Cadence Design Systems has a 12 month low of $39.08 and a 12 month high of $75.60. The stock has a 50-day moving average price of $71.01.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.08. The company had revenue of $577.00 million for the quarter, compared to analysts’ expectations of $569.34 million. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. Cadence Design Systems’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $0.40 earnings per share. On average, equities research analysts anticipate that Cadence Design Systems will post 1.46 earnings per share for the current fiscal year.

CDNS has been the topic of several recent analyst reports. Wells Fargo & Co initiated coverage on Semtech in a research note on Tuesday, May 14th. They issued an outperform rating and a $48.03 target price on the stock. Credit Suisse Group raised United Microelectronics from an underperform rating to a neutral rating in a research report on Wednesday, April 24th. BidaskClub cut Zynga from a buy rating to a hold rating in a research report on Tuesday, June 18th. Needham & Company LLC lifted their price objective on Lam Research from $180.00 to $215.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Finally, KeyCorp lifted their price objective on Ingersoll-Rand from $112.00 to $130.00 and gave the company an overweight rating in a research report on Wednesday, April 10th. Six analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $59.44.

In other news, CEO Lip Bu Tan sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $75.12, for a total value of $3,004,800.00. Following the sale, the chief executive officer now directly owns 899,852 shares of the company’s stock, valued at approximately $67,596,882.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Aneel Zaman sold 5,136 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $63.35, for a total value of $325,365.60. Following the completion of the sale, the insider now directly owns 247,262 shares in the company, valued at $15,664,047.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 182,371 shares of company stock worth $12,821,440. 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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Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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