Cadence Design Systems Gets Price Target Bumps By Analysts Following Q1 Results

Cadence Design Systems, Inc. CDNS reported better-than-expected Q1 financial results, but issued weak forecast.

Cadence Design Systems posted adjusted earnings of $1.29 per share, beating market estimates of $1.25 per share. The company’s quarterly sales came in at $ $1.02 billion, versus expectations of $1.01 billion.

Cadence Design Systems said it sees second-quarter revenue in a range of $960 million to $980 million versus estimates of $1.01 billion. The company expected earnings to be between $1.15 and $1.19 per share versus estimates of $1.25 per share.

Cadence Design Systems shares fell 4.8% to $202.85 in pre-market trading.

These analysts made changes to their price targets on Cadence Design Systems following earnings announcement.

• Keybanc boosted the price target on Cadence Design Systems from $225 to $235. Keybanc analyst Jason Celino maintained an Overweight rating.
• Baird raised the price target on Cadence Design Systems from $215 to $223. Baird analyst Joe Vruwink maintained an Outperform rating
• B of A Securities increased the price target on Cadence Design Systems from $225 to $240. B of A Securities analyst Vivek Arya maintained a Buy rating on the stock.

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