Cadence Design Systems (NASDAQ:CDNS) Releases Q4 2019 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its fourth quarter 2019 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.33-0.35 for the period. The company issued revenue guidance of $590-600 million.Cadence Design Systems also updated its FY 2019 guidance to $1.50-1.52 EPS.

Several equities research analysts have commented on the company. DA Davidson boosted their target price on Cadence Design Systems to $80.00 and gave the stock a buy rating in a report on Tuesday, July 23rd. Wells Fargo & Co raised Cadence Design Systems from a market perform rating to an outperform rating and set a $80.00 target price on the stock in a report on Friday, October 11th. ValuEngine downgraded Cadence Design Systems from a buy rating to a hold rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their target price on Cadence Design Systems from $78.00 to $75.00 and set a neutral rating on the stock in a report on Wednesday, September 11th. Finally, Bank of America assumed coverage on Cadence Design Systems in a report on Monday, September 23rd. They issued a neutral rating and a $73.00 target price on the stock. Six research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $69.10.

Cadence Design Systems stock traded up $1.15 during mid-day trading on Monday, hitting $66.75. The company had a trading volume of 1,853,818 shares, compared to its average volume of 2,013,754. The company has a current ratio of 1.60, a quick ratio of 1.52 and a debt-to-equity ratio of 0.24. The stock’s 50 day moving average price is $66.60 and its two-hundred day moving average price is $68.31. Cadence Design Systems has a 12 month low of $40.14 and a 12 month high of $77.08. The company has a market capitalization of $18.49 billion, a PE ratio of 54.25, a price-to-earnings-growth ratio of 4.36 and a beta of 1.17.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The business had revenue of $580.42 million for the quarter, compared to the consensus estimate of $579.41 million. During the same period in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 12.0% compared to the same quarter last year. Equities research analysts anticipate that Cadence Design Systems will post 1.48 EPS for the current year.

In other news, CEO Lip Bu Tan sold 40,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $67.50, for a total value of $2,700,000.00. Following the completion of the transaction, the chief executive officer now owns 888,272 shares in the company, valued at $59,958,360. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aneel Zaman sold 523 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $72.78, for a total value of $38,063.94. Following the completion of the transaction, the insider now owns 246,114 shares of the company’s stock, valued at approximately $17,912,176.92. The disclosure for this sale can be found here. Insiders sold 162,936 shares of company stock valued at $10,977,904 in the last 90 days. 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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