Cadence Design Systems (NASDAQ:CDNS) posted its quarterly earnings results on Wednesday. The company reported $0.21 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.01, AnalystRatingsNetwork.com reports. The company had revenue of $362.00 million for the quarter, compared to the consensus estimate of $359.60 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. Cadence Design Systems updated its Q3 guidance to $0.19-0.21 EPS and its FY13 guidance to $0.80-0.89 EPS.
A number of analysts have recently weighed in on CDNS shares. Analysts at Zacks downgraded shares of Cadence Design Systems from an “outperform” rating to a “neutral” rating in a research note to investors on Monday. They now have a $17.00 price target on the stock. On a related note, analysts at Pacific Crest initiated coverage on shares of Cadence Design Systems in a research note to investors on Tuesday, July 30th. They set a “sector perform” rating on the stock. Finally, analysts at Piper Jaffray Cos. cut their price target on shares of Cadence Design Systems from $20.00 to $19.00 in a research note to investors on Thursday, July 25th.
Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $16.94.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
