5 Stocks in the Spotlight Following First-Quarter Results

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In this article, we discuss the 5 stocks in the spotlight following first-quarter results. If you want to read our detailed analysis of these companies, go directly to the 11 Stocks in the Spotlight Following First-Quarter Results.

5. Cadence Design Systems, Inc. (NASDAQ:CDNS)

Number of Hedge Fund Holders: 34

Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) rose over five percent in the pre-market trading session on Tuesday, April 26, 2022, after delivering solid profit and sales for the first quarter.

Cadence Design Systems, Inc. (NASDAQ:CDNS) reported adjusted earnings of $1.17 per share, up from 83 cents per share in the year-ago period. Revenue for the quarter jumped 22.5 percent versus last year to $902 million. The results crushed the consensus of $1.02 per share for earnings and $857.32 million for revenue.

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Moving forward, Cadence Design Systems, Inc. (NASDAQ:CDNS) expects adjusted earnings in the range 95 – 99 cents per share and revenue between $825 – $845 million for the second quarter. The outlook is above analysts’ average estimate of 92 cents per share for earnings and $823.74 million for revenue.

Discussing the results, CFO John Wall said:

“Q1 results reflect the success we have with our customers and partners, as well as the solid execution from the Cadence team. We benefited from strong demand for our technologies. We exceeded all key operating metrics for the quarter and are raising our full year guidance.”

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