Analysts predict that Cadence Design Systems Inc (NASDAQ:CDNS) will report earnings of $0.38 per share for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Cadence Design Systems’ earnings, with the highest EPS estimate coming in at $0.38 and the lowest estimate coming in at $0.37. Cadence Design Systems reported earnings of $0.32 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 18.8%. The firm is expected to announce its next earnings report 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 financial year, with EPS estimates ranging from $1.55 to $1.58. For the next financial year, analysts forecast that the company will report earnings of $1.71 per share, with EPS estimates ranging from $1.65 to $1.77. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that cover Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Wednesday, January 31st. The software maker reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $501.70 million during the quarter, compared to analyst estimates of $496.20 million. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The business’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 company posted $0.34 earnings per share.
Several brokerages have recently commented on CDNS. BidaskClub cut Cadence Design Systems from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 13th. Credit Suisse Group restated a “neutral” rating and set a $43.00 target price (up previously from $37.00) on shares of Cadence Design Systems in a report on Thursday, February 1st. ValuEngine upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. KeyCorp restated a “hold” rating on shares of Cadence Design Systems in a report on Sunday, November 26th. Finally, Zacks Investment Research cut Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $44.20.
In related news, CFO John M. Wall sold 1,021 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $39.25, for a total value of $40,074.25. Following the transaction, the chief financial officer now owns 127,972 shares in the company, valued at $5,022,901. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John M. Wall sold 750 shares of the firm’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $43.95, for a total value of $32,962.50. Following the completion of the transaction, the chief financial officer now owns 109,323 shares in the company, valued at approximately $4,804,745.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,110 shares of company stock worth $7,016,878. 2.55% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. Cerebellum GP LLC bought a new position in Cadence Design Systems in the fourth quarter valued at about $123,000. Advisor Group Inc. boosted its holdings in Cadence Design Systems by 151.4% in the third quarter. Advisor Group Inc. now owns 4,160 shares of the software maker’s stock valued at $165,000 after acquiring an additional 2,505 shares during the last quarter. Coldstream Capital Management Inc. bought a new position in Cadence Design Systems in the third quarter valued at about $207,000. Financial Partners Capital Management LLC bought a new position in Cadence Design Systems in the third quarter valued at about $214,000. Finally, MANA Advisors LLC bought a new position in Cadence Design Systems during the fourth quarter worth about $214,000. Institutional investors and hedge funds own 86.73% of the company’s stock.
Shares of Cadence Design Systems (CDNS) traded down $0.22 during mid-day trading on Friday, hitting $38.01. The stock had a trading volume of 1,714,881 shares, compared to its average volume of 2,549,830. The company has a quick ratio of 1.47, a current ratio of 1.53 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $10,915.91, a PE ratio of 51.22, a PEG ratio of 3.77 and a beta of 1.08. Cadence Design Systems has a 12 month low of $30.35 and a 12 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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