Cadence Design Systems, Inc. (NASDAQ:CDNS) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.33-0.35 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.35. The company issued revenue guidance of $475-485 million, compared to the consensus revenue estimate of $481.52 million.Cadence Design Systems also updated its FY17 guidance to $1.36-1.42 EPS.

Cadence Design Systems, Inc. (NASDAQ CDNS) opened at 36.64 on Wednesday. Cadence Design Systems, Inc. has a 12 month low of $23.83 and a 12 month high of $36.84. The stock has a 50 day moving average price of $34.38 and a 200 day moving average price of $31.71. The firm has a market cap of $10.24 billion, a price-to-earnings ratio of 47.10 and a beta of 0.93.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 28.76% and a net margin of 12.86%. The firm had revenue of $479 million for the quarter, compared to analyst estimates of $476.21 million. During the same period in the previous year, the company posted $0.29 earnings per share. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, equities analysts expect that Cadence Design Systems, Inc. will post $1.39 earnings per share for the current fiscal year.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research upgraded Cadence Design Systems from a hold rating to a buy rating and set a $36.00 price objective on the stock in a research note on Thursday, April 27th. DA Davidson lowered Cadence Design Systems from a buy rating to a neutral rating in a research note on Tuesday, April 25th. Royal Bank Of Canada reiterated a buy rating and issued a $33.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, April 18th. BidaskClub lowered Cadence Design Systems from a strong-buy rating to a buy rating in a research note on Wednesday, July 5th. Finally, Bank of America Corporation upped their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a buy rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $32.67.

In other news, Director Roger S. Siboni sold 20,507 shares of the company’s stock in a transaction that occurred on Friday, April 28th. The stock was sold at an average price of $32.32, for a total value of $662,786.24. Following the sale, the director now directly owns 52,701 shares in the company, valued at approximately $1,703,296.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $34.04, for a total value of $3,404,000.00. Following the completion of the sale, the chief executive officer now owns 583,332 shares in the company, valued at $19,856,621.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 502,663 shares of company stock worth $16,975,295. Corporate insiders own 2.55% of the company’s stock.

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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).

Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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