Benzinga | Feb 22, 2021 04:24PM EST

Recap: Cadence Design Systems Q4 Earnings

Shares of Cadence Design Systems (NASDAQ:CDNS) rose in after-market trading after the company reported Q4 results.

Quarterly Results

Earnings per share were up 53.70% over the past year to $0.83, which beat the estimate of $0.74.

Revenue of $759,909,000 higher by 26.75% year over year, which beat the estimate of $732,010,000.

Looking Ahead

Cadence Sees Q1 Adj. EPS $0.72-$0.76 vs $0.71 Estimate, Sales $710M-$730M vs $703M Estimate; FY21 Adj. EPS $2.95-$3.05 vs $2.88 Est., Sales $2.86B-$2.92B vs $2.83B Est.

Conference Call Details

Date: Feb 22, 2021

Time: 05:00 PM

ET Webcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fwww.cadence.com%2F&eventid=2947859&sessionid=1&key=6BE443D52069BB40888F629FA16D7F53&regTag=&V2=false&sourcepage=register

Technicals

52-week high: $149.08

Company's 52-week low was at $51.39

Price action over last quarter: Up 18.25%

Company Profile

Cadence Design Systems was founded in 1988 after the merger of ECAD and SDA Systems. Cadence is known as an electronic design automation, or EDA, firm that specializes in developing software, hardware, and intellectual property that automates the design and verification of integrated circuits or larger chip systems. Historically, the firm's tools have been relied on by semiconductor firms, but there has been a shift toward other nontraditional "systems" users given the development of the Internet of Things, artificial intelligence, autonomous vehicles, and cloud computing. Cadence is headquartered in Silicon Valley, has approximately 8,100 employees worldwide, and was added to the S&P 500 in late 2017.