Cadence Design Systems Inc. (CDNS) Updates FY16 Earnings Guidance

Cadence Design Systems Inc. (NASDAQ:CDNS) updated its FY16 earnings guidance on Monday. The company provided EPS guidance of $1.17-1.23 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.21. The company issued revenue guidance of $1.80-1.83 billion, compared to the consensus revenue estimate of $1.82 billion.Cadence Design Systems also updated its Q3 guidance to $0.27-0.29 EPS.

A number of equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Cadence Design Systems from a sell rating to a hold rating in a research report on Monday, April 25th. Royal Bank Of Canada assumed coverage on shares of Cadence Design Systems in a research report on Monday, June 6th. They issued an outperform rating and a $29.00 price objective for the company. Needham & Company LLC lowered shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday, June 14th. They noted that the move was a valuation call. Topeka Capital Markets lifted their target price on shares of Cadence Design Systems from $25.00 to $27.00 and gave the company a buy rating in a research report on Tuesday, April 26th. Finally, DA Davidson lowered shares of Cadence Design Systems from a buy rating to a neutral rating and set a $25.00 target price for the company. in a research report on Wednesday, April 6th. Five analyst s have rated the stock with a hold rating and five have issued a buy rating to the company. Cadence Design Systems currently has an average rating of Buy and a consensus target price of $25.55.

Shares of Cadence Design Systems Inc. (NASDAQ:CDNS) traded up 0.23% during midday trading on Monday, hitting $26.13. 2,470,431 shares of the stock were exchanged. The firm's 50-day moving average is $24.79 and its 200 day moving average is $22.81. Cadence Design Systems Inc. has a 52-week low of $18.13 and a 52-week high of $26.24. The firm has a market cap of $7.86 billion and a PE ratio of 30.35.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The business had revenue of $453 million for the quarter, compared to the consensus estimate of $449.54 million. The firm's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 earnings per share. On average, analysts forecast that Cadence Design Systems Inc. will post $1.21 earnings per share for the current year.

In other news, Director Roger S. Siboni sold 9,906 shares of the firm's stock in a transaction on Thursday, April 28th. The stock was sold at an average price of $23.50, for a total transaction of $232,791.00. Following the transaction, the director now owns 28,673 shares in the company, valued at $673,815.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Geoffrey G. Ribar sold 19,709 shares of the firm's stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $23.31, for a total value of $459,416.79. Following the transaction, the chief financial officer now owns 264,660 shares in the company, valued at approximately $6,169,224.60. The disclosure for this sale can be found here.

Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company's SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.

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