Equities analysts expect Cadence Design Systems Inc (NASDAQ:CDNS) to post earnings of $0.53 per share for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Cadence Design Systems’ earnings. The highest EPS estimate is $0.54 and the lowest is $0.52. Cadence Design Systems posted earnings per share of $0.52 in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.9%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, February 18th.
On average, analysts expect that Cadence Design Systems will report full year earnings of $2.19 per share for the current fiscal year, with EPS estimates ranging from $2.18 to $2.20. For the next year, analysts expect that the company will post earnings of $2.34 per share, with EPS estimates ranging from $2.30 to $2.38. Zacks’ EPS averages are an average based on a survey of sell-side research firms that cover Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.03. Cadence Design Systems had a return on equity of 30.74% and a net margin of 18.54%. The company had revenue of $579.60 million during the quarter, compared to analyst estimates of $576.33 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. Cadence Design Systems’s revenue was up 8.9% compared to the same quarter last year.
Several research firms recently weighed in on CDNS. Needham & Company LLC lifted their target price on Cadence Design Systems to $76.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Bank of America began coverage on Cadence Design Systems in a research report on Monday, September 23rd. They set a “neutral” rating and a $73.00 target price on the stock. ValuEngine downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their target price on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Finally, Wells Fargo & Co upgraded Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research report on Friday, October 11th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $71.67.
In other news, VP James J. Cowie sold 1,251 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $70.83, for a total value of $88,608.33. Following the transaction, the vice president now directly owns 109,503 shares in the company, valued at $7,756,097.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 40,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $68.02, for a total value of $2,720,800.00. Following the completion of the transaction, the chief executive officer now owns 899,852 shares in the company, valued at $61,207,933.04. The disclosure for this sale can be found here. Insiders have sold 160,647 shares of company stock worth $10,811,930 over the last quarter. 2.34% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Great Lakes Advisors LLC increased its holdings in shares of Cadence Design Systems by 8.3% in the second quarter. Great Lakes Advisors LLC now owns 426,602 shares of the software maker’s stock worth $30,208,000 after purchasing an additional 32,634 shares during the last quarter. GAM Holding AG increased its holdings in shares of Cadence Design Systems by 14.4% in the second quarter. GAM Holding AG now owns 15,974 shares of the software maker’s stock worth $1,131,000 after purchasing an additional 2,006 shares during the last quarter. D. E. Shaw & Co. Inc. increased its holdings in shares of Cadence Design Systems by 14.9% in the second quarter. D. E. Shaw & Co. Inc. now owns 972,347 shares of the software maker’s stock worth $68,851,000 after purchasing an additional 126,272 shares during the last quarter. Putnam Investments LLC increased its holdings in shares of Cadence Design Systems by 8.3% in the second quarter. Putnam Investments LLC now owns 341,900 shares of the software maker’s stock worth $24,210,000 after purchasing an additional 26,267 shares during the last quarter. Finally, Cerebellum GP LLC bought a new stake in shares of Cadence Design Systems in the second quarter worth about $94,000. Institutional investors and hedge funds own 86.27% of the company’s stock.
Shares of CDNS traded up $0.16 during trading hours on Monday, hitting $67.30. The stock had a trading volume of 32,354 shares, compared to its average volume of 1,638,439. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. Cadence Design Systems has a 12 month low of $40.31 and a 12 month high of $77.08. The firm has a market capitalization of $18.77 billion, a PE ratio of 54.81, a PEG ratio of 4.20 and a beta of 1.16. The stock has a fifty day moving average price of $65.72 and a 200 day moving average price of $68.42.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.
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