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.

 

Now Read This: Top 5 Energy Stocks That Could Blast Off In April

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetPre-Market OutlookMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!