Cadence Design Systems (NASDAQ:CDNS) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) posted its quarterly earnings results on Monday. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.20, Briefing.com reports. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business's revenue was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.01 EPS.

Cadence Design Systems Trading Up 12.5 %

Shares of NASDAQ CDNS traded up $31.68 during mid-day trading on Tuesday, hitting $284.45. 5,895,408 shares of the company traded hands, compared to its average volume of 1,761,541. Cadence Design Systems has a 1 year low of $230.65 and a 1 year high of $328.99. The stock has a market capitalization of $77.49 billion, a price-to-earnings ratio of 73.86, a PEG ratio of 3.03 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The business has a 50 day moving average of $266.84 and a two-hundred day moving average of $282.13.

Analyst Ratings Changes

Several brokerages have weighed in on CDNS. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Robert W. Baird increased their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research report on Tuesday. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an "underperform" rating and a $225.00 target price on the stock. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Piper Sandler raised Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $323.17.

Insider Activity

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company's stock, valued at $17,357,250.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Paul Cunningham sold 650 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares of the company's stock, valued at approximately $17,357,250.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the sale, the director now directly owns 45,051 shares of the company's stock, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock valued at $7,728,272 over the last three months. Insiders own 1.99% 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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.