Cadence Design Systems (NASDAQ:CDNS) Updates FY 2022 Earnings Guidance

Financial News Live · Jul 28, 2022 03:11

Cadence Design Systems (NASDAQ:CDNS – Get Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $4.06-$4.12 for the period, compared to the consensus earnings per share estimate of $3.93. The company issued revenue guidance of $3.47 billion-$3.51 billion, compared to the consensus revenue estimate of $3.41 billion. Cadence Design Systems also updated its FY22 guidance to $4.06-$4.12 EPS.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded up $3.60 during trading on Wednesday, reaching $174.35. The company's stock had a trading volume of 2,249 shares, compared to its average volume of 1,309,569. The company has a 50-day moving average price of $153.34 and a two-hundred day moving average price of $152.19. Cadence Design Systems has a fifty-two week low of $132.32 and a fifty-two week high of $192.70. The firm has a market cap of $48.08 billion, a PE ratio of 61.20, a P/E/G ratio of 3.13 and a beta of 1.09. The company has a current ratio of 1.81, a quick ratio of 1.69 and a debt-to-equity ratio of 0.13.

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Cadence Design Systems (NASDAQ:CDNS – Get Rating) last announced its earnings results on Monday, July 25th. The software maker reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.12. Cadence Design Systems had a net margin of 23.61% and a return on equity of 31.81%. The business had revenue of $858.00 million during the quarter, compared to the consensus estimate of $835.01 million. During the same quarter in the prior year, the firm earned $0.71 earnings per share. The business's quarterly revenue was up 17.9% compared to the same quarter last year. On average, analysts forecast that Cadence Design Systems will post 3.13 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Bank of America upgraded Cadence Design Systems from an underperform rating to a neutral rating and upped their price target for the stock from $160.00 to $175.00 in a research note on Wednesday, June 29th. Needham & Company LLC raised their price objective on shares of Cadence Design Systems from $193.00 to $200.00 and gave the company a buy rating in a research report on Tuesday. UBS Group boosted their target price on Cadence Design Systems from $170.00 to $180.00 and gave the stock a neutral rating in a research report on Tuesday, April 26th. KeyCorp raised their price target on Cadence Design Systems from $205.00 to $215.00 and gave the company an overweight rating in a report on Tuesday, April 26th. Finally, Robert W. Baird cut their price objective on Cadence Design Systems from $211.00 to $203.00 in a research report on Tuesday, April 26th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Cadence Design Systems has an average rating of Moderate Buy and an average target price of $189.30.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Aneel Zaman sold 22,542 shares of the stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $153.36, for a total transaction of $3,457,041.12. Following the sale, the vice president now owns 96,183 shares in the company, valued at approximately $14,750,624.88. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Anirudh Devgan sold 35,217 shares of the stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $158.82, for a total transaction of $5,593,163.94. Following the transaction, the chief executive officer now directly owns 189,387 shares in the company, valued at $30,078,443.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Aneel Zaman sold 22,542 shares of the company's stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $153.36, for a total transaction of $3,457,041.12. Following the transaction, the vice president now directly owns 96,183 shares of the company's stock, valued at approximately $14,750,624.88. The disclosure for this sale can be found here. Insiders have sold 434,534 shares of company stock valued at $66,852,940 over the last quarter. Corporate insiders own 1.99% of the company's stock.

Institutional Investors Weigh In On Cadence Design Systems

A number of institutional investors have recently bought and sold shares of CDNS. EP Wealth Advisors LLC grew its stake in shares of Cadence Design Systems by 2.0% during the 1st quarter. EP Wealth Advisors LLC now owns 3,827 shares of the software maker's stock valued at $629,000 after buying an additional 75 shares during the period. Zions Bancorporation N.A. lifted its stake in shares of Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker's stock valued at $37,000 after purchasing an additional 117 shares in the last quarter. Brinker Capital Investments LLC grew its holdings in shares of Cadence Design Systems by 2.5% during the 1st quarter. Brinker Capital Investments LLC now owns 9,213 shares of the software maker's stock worth $1,515,000 after purchasing an additional 221 shares during the period. SVB Wealth LLC grew its stake in Cadence Design Systems by 14.5% during the first quarter. SVB Wealth LLC now owns 1,801 shares of the software maker's stock worth $296,000 after buying an additional 228 shares during the period. Finally, Evergreen Capital Management LLC raised its stake in shares of Cadence Design Systems by 22.5% in the 1st quarter. Evergreen Capital Management LLC now owns 1,352 shares of the software maker's stock valued at $222,000 after acquiring an additional 248 shares during the period. 84.07% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Design Systems Company Profile

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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.