Cadence Design Systems (NASDAQ:CDNS) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Cadence Design Systems (NASDAQ:CDNS) posted its quarterly earnings data on Monday. The software maker reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06, FiscalAI reports. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Cadence Design Systems had a net margin of 23.60% and a return on equity of 27.98%.

Cadence Design Systems Price Performance

Shares of CDNS stock traded up $5.68 during mid-day trading on Monday, reaching $322.17. The company’s stock had a trading volume of 4,343,068 shares, compared to its average volume of 2,443,560. The firm’s 50-day moving average is $318.19 and its two-hundred day moving average is $340.75. The company has a market cap of $88.72 billion, a P/E ratio of 64.05, a PEG ratio of 3.38 and a beta of 1.13. Cadence Design Systems has a 1-year low of $262.75 and a 1-year high of $416.69. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.53 and a current ratio of 1.74.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CDNS shares. Robert W. Baird lifted their target price on Cadence Design Systems from $415.00 to $420.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 28th. Piper Sandler upped their price target on Cadence Design Systems from $325.00 to $349.00 and gave the company a “neutral” rating in a report on Tuesday, July 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $400.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 28th. Benchmark reiterated a “buy” rating on shares of Cadence Design Systems in a research report on Tuesday, July 28th. Finally, Citigroup lifted their price objective on Cadence Design Systems from $400.00 to $420.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $404.14.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Albert Sangiovanni-Vincentelli sold 1,250 shares of Cadence Design Systems stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $350.07, for a total transaction of $437,587.50. Following the sale, the director directly owned 39,544 shares in the company, valued at approximately $13,843,168.08. The trade was a 3.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita Brennan sold 180 shares of the company’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $285.51, for a total transaction of $51,391.80. Following the completion of the sale, the director directly owned 7,824 shares in the company, valued at approximately $2,233,830.24. The trade was a 2.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 8,960 shares of company stock valued at $2,834,139 in the last 90 days. Insiders own 0.49% of the company’s stock.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc develops computational software, hardware, and semiconductor intellectual property used to design and verify electronic systems and integrated circuits. Its electronic design automation (EDA) solutions support chip development across areas such as digital and custom IC design, functional verification, emulation, prototyping, and system analysis.

The company also provides semiconductor IP, including processor cores, interconnect technologies, memory interfaces, and other building blocks that help customers develop complex chips.