Cadence Design Systems, Inc. (NASDAQ:CDNS) released its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02, Bloomberg Earnings reports. The company had revenue of $479 million during the quarter, compared to analysts’ expectations of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. Cadence Design Systems’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. Cadence Design Systems updated its Q3 guidance to $0.33-0.35 EPS and its FY17 guidance to $1.36-1.42 EPS.
Cadence Design Systems (CDNS) opened at 36.95 on Friday. The stock has a market capitalization of $10.35 billion, a price-to-earnings ratio of 42.97 and a beta of 0.94. The stock’s 50 day moving average price is $35.62 and its 200 day moving average price is $33.05. Cadence Design Systems has a 52-week low of $24.15 and a 52-week high of $37.70.
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In other news, VP James J. Cowie sold 44,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $33.09, for a total transaction of $1,455,960.00. Following the completion of the transaction, the vice president now directly owns 137,332 shares of the company’s stock, valued at approximately $4,544,315.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the transaction, the insider now directly owns 322,734 shares of the company’s stock, valued at $11,295,690. The disclosure for this sale can be found here. Insiders sold a total of 505,250 shares of company stock worth $17,545,110 over the last 90 days. Company insiders own 2.55% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its position in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock worth $110,000 after buying an additional 2,323 shares during the last quarter. Commonwealth Bank of Australia increased its position in shares of Cadence Design Systems by 36.6% in the second quarter. Commonwealth Bank of Australia now owns 4,852 shares of the software maker’s stock valued at $161,000 after buying an additional 1,300 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock valued at $200,000 after buying an additional 31 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new position in shares of Cadence Design Systems during the first quarter valued at about $205,000. Finally, Tocqueville Asset Management L.P. purchased a new position in shares of Cadence Design Systems during the second quarter valued at about $206,000. 86.08% of the stock is owned by institutional investors.
A number of equities analysts have commented on CDNS shares. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Thursday, July 27th. Bank of America Corporation increased their target price on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. BidaskClub lowered Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. DA Davidson lowered Cadence Design Systems from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Cadence Design Systems in a research report on Friday, July 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Cadence Design Systems currently has an average rating of “Hold” and a consensus price target of $33.67.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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