Cadence Design Systems Inc reports results for the quarter ended June 30 - Earnings Summary

• Cadence Design Systems Inc CDNS.OQ reported quarterly adjusted earnings of $1.65​​ per share for the quarter ended June 30, higher than the same quarter last year, when the company reported EPS of $1.28. The mean expectation of sixteen analysts for the quarter was for earnings of $1.55 per share. Wall Street expected results to range from $1.44 to $1.60 per share.

• Revenue rose 20.2% to $1.28 billion from a year ago; analysts expected $1.25 billion.

• Cadence Design Systems Inc's reported EPS for the quarter was 59 cents​.

• The company reported quarterly net income of $160.05 million.

• Cadence Design Systems Inc shares had risen by 7.8% this quarter and gained 10.6% so far this year.

FORECAST CHANGES

• The mean earnings estimate of analysts had fallen by about 1.3% in the last three months.​

• In the last 30 days, four analysts negatively revised earnings estimates

RECOMMENDATIONS

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy," 4 "hold" and 1 "sell" or "strong sell." The average consensus recommendation for the software peer group is also "buy"

• Wall Street's median 12-month price target for Cadence Design Systems Inc is $345.00, about 3.7% above its last closing price of $332.19

This summary was machine generated from LSEG data July 28 at 09:01 p.m. UTC. ​All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)