Cadence Design Systems (CDNS) Updates Q1 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its first quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.48-0.50 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.46. The company issued revenue guidance of $565-575 million, compared to the consensus revenue estimate of $549.14 million.Cadence Design Systems also updated its FY 2019 guidance to $1.97-2.07 EPS.

CDNS stock traded up $0.06 on Tuesday, reaching $52.64. The company’s stock had a trading volume of 3,009,266 shares, compared to its average volume of 1,549,896. Cadence Design Systems has a 52 week low of $35.49 and a 52 week high of $52.77. The firm has a market capitalization of $14.84 billion, a price-to-earnings ratio of 49.66, a price-to-earnings-growth ratio of 3.41 and a beta of 1.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58.

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A number of equities analysts recently issued reports on CDNS shares. Zacks Investment Research lowered Cadence Design Systems from a buy rating to a hold rating in a report on Monday, February 4th. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, November 20th. They issued a hold rating and a $50.00 price objective for the company. BidaskClub raised Cadence Design Systems from a buy rating to a strong-buy rating in a report on Friday. Finally, Benchmark raised Cadence Design Systems from a hold rating to a buy rating and set a $51.00 price objective for the company in a report on Tuesday, October 23rd. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $51.25.

In other Cadence Design Systems news, Director John B. Shoven sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The stock was sold at an average price of $50.00, for a total value of $2,500,000.00. Following the completion of the sale, the director now directly owns 152,120 shares in the company, valued at $7,606,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas P. Beckley sold 23,208 shares of the company’s stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $48.00, for a total value of $1,113,984.00. The disclosure for this sale can be found here. Insiders sold 173,208 shares of company stock valued at $8,418,984 over the last 90 days. 2.28% of the stock is currently owned by insiders.

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Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis 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, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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