Market Globalist

Cadence Design Systems, Inc. (CDNS) Stock Prices Poised to Trend Up Following Strong Financial Reports and Forecasts

Cadence Design Systems, Inc. (CDNS) stock prices were up a marginal 1.51% as of market close on April 26th, 2021, bringing the price per share up to USD$144.23 as of the end of the trading day.

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Strong Revenues Despite Pandemic

Despite the pandemic having ravaged most businesses, CDNS reported Q1 2021 revenues of USD$736 million. The revenue reported for the same time period over the previous year was USD$618 million, indicating a promising year-over-year increase. The company managed to achieve a 28% operating margin, as well as a recognized net income in the amount of USD$187 million, for the first quarter of 2021.

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Anticipated Revenues

Moving forward, the company anticipates total revenues of up to USD$725 million for the second quarter of 2021, and up to USD$2.93 billion in total revenues for the year. The CEO attributed the success of the first quarter of 2021 to the effective execution and sustained momentum generated in both the company’s core business and in their growing systems businesses.

Diversification of CDNS Portfolio

The company has refocused its efforts in their Intelligent System Design strategy and have diversified their foray into various other projects at the onset of 2021. Q1 2021 has seen the company introduce the Palladium Z2 emulation platform, as well as the Protium X2 prototyping platform. CDNS also unveiled its next-generation Sigrity X in the use of systems analyses.

Acquisition of Pointwise and NUMECA

The successful completion of the acquisitions of Pointwise and NUMECA have resulted in a broadening of CDNS’s systems analysis portfolio. This will facilitate the company’s ability to provide greater capabilities for customers, as well as increases in shareholder value for investors with the boosting of the company’s Total Addressable Market.

Net Incomes Per Share

The company expected GAAP net income per diluted share to be in the vicinity of USD$2.09 for the upcoming year of 2021. Non-GAAP net income per diluted share for the year is anticipated to be around the USD$3 mark. Non-GAAP net income per diluted share for Q1 2021 was USD$0.83, with GAAP net income per diluted share for the same quarter coming out to USD$0.67.

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Future Outlook for CDNS

With such strong financials behind it and such lofty goals ahead, CDNS seems poised to leverage its resources to ensure further growth and increases in shareholder value. The company has had a stellar financial year and is grounding future expectations of performance in its previous success, as well as several developing projects that investors are waiting eagerly for the fruition of.

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