Equities research analysts expect that Cadence Design Systems Inc (NASDAQ:CDNS) will post sales of $550.82 million for the current quarter, according to Zacks. Four analysts have issued estimates for Cadence Design Systems’ earnings, with the highest sales estimate coming in at $552.40 million and the lowest estimate coming in at $549.49 million. Cadence Design Systems reported sales of $501.72 million during the same quarter last year, which indicates a positive year over year growth rate of 9.8%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, January 30th.
According to Zacks, analysts expect that Cadence Design Systems will report full-year sales of $2.12 billion for the current financial year. For the next fiscal year, analysts expect that the firm will post sales of $2.24 billion, with estimates ranging from $2.20 billion to $2.28 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 22nd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.08. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The company had revenue of $532.47 million during the quarter, compared to analyst estimates of $516.50 million. During the same period in the previous year, the business earned $0.35 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year.
Several brokerages recently issued reports on CDNS. BidaskClub upgraded shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. Credit Suisse Group upped their target price on shares of Cadence Design Systems from $44.00 to $46.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 24th. Griffin Securities upped their target price on shares of Cadence Design Systems from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. Zacks Investment Research lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of Cadence Design Systems from $42.00 to $49.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $50.86.
NASDAQ:CDNS traded up $0.97 during midday trading on Friday, hitting $45.67. The company had a trading volume of 61,002 shares, compared to its average volume of 3,105,251. Cadence Design Systems has a 52-week low of $35.49 and a 52-week high of $47.40. The firm has a market capitalization of $12.74 billion, a PE ratio of 43.16, a price-to-earnings-growth ratio of 3.23 and a beta of 1.12. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.64.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 5,469 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $46.10, for a total value of $252,120.90. Following the completion of the sale, the chief executive officer now directly owns 424,566 shares of the company’s stock, valued at $19,572,492.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Aneel Zaman sold 32,995 shares of the business’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $44.46, for a total transaction of $1,466,957.70. Following the completion of the sale, the insider now directly owns 202,927 shares of the company’s stock, valued at $9,022,134.42. The disclosure for this sale can be found here. Insiders sold 313,471 shares of company stock valued at $14,296,272 over the last three months. 2.28% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its stake in shares of Cadence Design Systems by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,143,858 shares of the software maker’s stock valued at $49,540,000 after acquiring an additional 6,029 shares during the last quarter. Westpac Banking Corp raised its stake in shares of Cadence Design Systems by 476.1% during the second quarter. Westpac Banking Corp now owns 158,806 shares of the software maker’s stock valued at $6,878,000 after acquiring an additional 131,239 shares during the last quarter. Raymond James & Associates raised its stake in shares of Cadence Design Systems by 122.3% during the second quarter. Raymond James & Associates now owns 121,288 shares of the software maker’s stock valued at $5,253,000 after acquiring an additional 66,730 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Cadence Design Systems during the second quarter valued at about $254,000. Finally, Fort L.P. bought a new position in shares of Cadence Design Systems during the second quarter valued at about $119,000. 87.56% of the stock is owned by institutional investors and hedge funds.
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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