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

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

Cadence Design Systems Trading Up 1.8%

Shares of Cadence Design Systems stock traded up $5.68 on Monday, hitting $322.17. 4,380,684 shares of the company’s stock traded hands, compared to its average volume of 2,446,600. Cadence Design Systems has a one year low of $262.75 and a one year high of $416.69. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.74 and a quick ratio of 1.53. The company has a fifty day moving average of $318.19 and a two-hundred day moving average of $340.75. The company has a market capitalization of $88.72 billion, a price-to-earnings ratio of 64.05, a price-to-earnings-growth ratio of 3.38 and a beta of 1.13.

Analysts Set New Price Targets

CDNS has been the topic of several recent analyst reports. FBN Securities began coverage on Cadence Design Systems in a research report on Friday, September 11th. They set an “outperform” rating and a $375.00 price target on the stock. Piper Sandler raised their price objective on shares of Cadence Design Systems from $325.00 to $349.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. The Goldman Sachs Group boosted their target price on shares of Cadence Design Systems from $410.00 to $470.00 and gave the company a “buy” rating in a research report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $420.00 price target (up from $400.00) on shares of Cadence Design Systems in a research report on Wednesday, October 7th. Finally, KeyCorp reissued an “overweight” rating on shares of Cadence Design Systems in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $404.14.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Paul Cunningham sold 2,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $324.13, for a total transaction of $648,260.00. Following the transaction, the vice president directly owned 119,612 shares in the company, valued at approximately $38,769,837.56. This represents a 1.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ita M. Brennan sold 180 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $285.51, for a total value of $51,391.80. Following the transaction, the director owned 7,824 shares in the company, valued at $2,233,830.24. The trade was a 2.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 8,960 shares of company stock worth $2,834,139. Company insiders own 0.49% of the company’s stock.

About Cadence Design Systems

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.