Cadence Design Systems (CDNS) Expected to Post Earnings of $0.40 Per Share

Equities analysts expect Cadence Design Systems (NASDAQ:CDNS) to announce $0.40 earnings per share for the current quarter, according to Zacks. Four analysts have made estimates for Cadence Design Systems’ earnings, with the highest EPS estimate coming in at $0.41 and the lowest estimate coming in at $0.39. Cadence Design Systems reported earnings per share of $0.34 in the same quarter last year, which indicates a positive year over year growth rate of 17.6%. The business is scheduled to announce its next quarterly earnings results on Monday, July 23rd.

According to Zacks, analysts expect that Cadence Design Systems will report full-year earnings of $1.63 per share for the current financial year, with EPS estimates ranging from $1.62 to $1.63. For the next fiscal year, analysts expect that the company will report earnings of $1.77 per share, with EPS estimates ranging from $1.69 to $1.80. Zacks’ EPS calculations are a mean average based on a survey of research firms that cover Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 23rd. The software maker reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.03. Cadence Design Systems had a net margin of 10.52% and a return on equity of 29.43%. The firm had revenue of $517.00 million for the quarter, compared to analyst estimates of $505.33 million. During the same period in the prior year, the firm posted $0.32 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year.

Several equities analysts have commented on CDNS shares. Zacks Investment Research downgraded shares of Cadence Design Systems from a “hold” rating to a “strong sell” rating in a report on Monday, February 5th. BidaskClub downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, January 19th. Needham & Company LLC upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a report on Tuesday, April 24th. DA Davidson upgraded shares of Cadence Design Systems from a “neutral” rating to a “buy” rating in a report on Thursday, April 5th. Finally, ValuEngine upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Cadence Design Systems currently has an average rating of “Hold” and a consensus price target of $43.71.

In related news, CFO John M. Wall sold 1,021 shares of the company’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $39.25, for a total value of $40,074.25. Following the transaction, the chief financial officer now directly owns 127,972 shares in the company, valued at $5,022,901. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Anirudh Devgan sold 40,063 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $38.54, for a total transaction of $1,544,028.02. Following the completion of the transaction, the president now owns 403,387 shares in the company, valued at $15,546,534.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 125,347 shares of company stock worth $4,945,059. Corporate insiders own 2.28% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CDNS. First Trust Advisors LP grew its stake in shares of Cadence Design Systems by 894.0% in the fourth quarter. First Trust Advisors LP now owns 2,378,302 shares of the software maker’s stock valued at $99,461,000 after acquiring an additional 2,139,046 shares in the last quarter. Criterion Capital Management LLC acquired a new position in shares of Cadence Design Systems in the first quarter valued at about $72,979,000. APG Asset Management N.V. grew its stake in shares of Cadence Design Systems by 41.9% in the fourth quarter. APG Asset Management N.V. now owns 5,203,800 shares of the software maker’s stock valued at $181,232,000 after acquiring an additional 1,536,559 shares in the last quarter. Old Mutual Global Investors UK Ltd. grew its stake in shares of Cadence Design Systems by 34.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 4,110,009 shares of the software maker’s stock valued at $151,125,000 after acquiring an additional 1,054,136 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Cadence Design Systems by 3.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,812,813 shares of the software maker’s stock valued at $838,827,000 after acquiring an additional 820,842 shares in the last quarter. Institutional investors and hedge funds own 88.34% of the company’s stock.

Shares of Cadence Design Systems traded down $0.06, hitting $42.19, on Monday, MarketBeat.com reports. The company had a trading volume of 3,880,000 shares, compared to its average volume of 2,660,105. Cadence Design Systems has a 1-year low of $42.01 and a 1-year high of $42.54. The company has a market cap of $11.91 billion, a P/E ratio of 39.80, a P/E/G ratio of 3.69 and a beta of 1.13. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.24 and a quick ratio of 1.20.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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