Equities research analysts predict that Cadence Design Systems Inc (NASDAQ:CDNS) will report $0.38 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Cadence Design Systems’ earnings. The lowest EPS estimate is $0.37 and the highest is $0.38. Cadence Design Systems reported earnings of $0.32 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 18.8%. The firm is scheduled to announce its next earnings results on Monday, April 23rd.
According to Zacks, analysts expect that Cadence Design Systems will report full-year earnings of $1.57 per share for the current fiscal year, with EPS estimates ranging from $1.55 to $1.58. For the next financial year, analysts expect that the firm will report earnings of $1.71 per share, with EPS estimates ranging from $1.65 to $1.77. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that follow Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.39. The business had revenue of $501.70 million for the quarter, compared to the consensus estimate of $496.20 million. Cadence Design Systems had a net margin of 10.50% and a return on equity of 31.28%. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.34 EPS.
A number of brokerages have commented on CDNS. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. BidaskClub upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $43.00 price target (up previously from $37.00) on shares of Cadence Design Systems in a research report on Thursday, February 1st. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research report on Wednesday, November 1st. Finally, DA Davidson upped their price target on shares of Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $44.20.
In other news, VP Aneel Zaman sold 32,255 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $44.32, for a total value of $1,429,541.60. Following the completion of the sale, the vice president now owns 217,497 shares of the company’s stock, valued at approximately $9,639,467.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 750 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $43.83, for a total transaction of $32,872.50. Following the completion of the sale, the chief financial officer now directly owns 110,823 shares of the company’s stock, valued at approximately $4,857,372.09. The disclosure for this sale can be found here. Insiders sold a total of 289,031 shares of company stock valued at $12,747,759 in the last ninety days. Corporate insiders own 2.55% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in CDNS. PNC Financial Services Group Inc. lifted its position in Cadence Design Systems by 6.4% during the second quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock valued at $338,000 after acquiring an additional 612 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Cadence Design Systems by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,043,944 shares of the software maker’s stock valued at $34,962,000 after acquiring an additional 10,637 shares during the last quarter. State Street Corp lifted its position in Cadence Design Systems by 1.2% during the second quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock valued at $304,935,000 after acquiring an additional 108,305 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Cadence Design Systems by 1.3% during the second quarter. The Manufacturers Life Insurance Company now owns 490,990 shares of the software maker’s stock valued at $16,444,000 after acquiring an additional 6,372 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in Cadence Design Systems during the second quarter valued at approximately $264,000. 85.00% of the stock is owned by hedge funds and other institutional investors.
Shares of Cadence Design Systems (CDNS) traded up $0.86 during mid-day trading on Friday, reaching $37.68. 3,418,544 shares of the company’s stock were exchanged, compared to its average volume of 2,489,887. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.53 and a quick ratio of 1.47. The company has a market cap of $10,639.32, a P/E ratio of 50.92, a P/E/G ratio of 3.68 and a beta of 0.97. Cadence Design Systems has a twelve month low of $29.29 and a twelve month high of $46.00.
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About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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