Wall Street brokerages expect that Cadence Design Systems Inc (NASDAQ:CDNS) will post sales of $574.77 million for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Cadence Design Systems’ earnings. The highest sales estimate is $576.10 million and the lowest is $573.97 million. Cadence Design Systems reported sales of $532.47 million in the same quarter last year, which indicates a positive year-over-year growth rate of 7.9%. The firm is scheduled to issue its next earnings results after the market closes on Monday, October 21st.
On average, analysts expect that Cadence Design Systems will report full year sales of $2.33 billion for the current financial year, with estimates ranging from $2.32 billion to $2.33 billion. For the next fiscal year, analysts expect that the business will post sales of $2.48 billion, with estimates ranging from $2.43 billion to $2.50 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Cadence Design Systems had a return on equity of 31.86% and a net margin of 18.83%. The firm had revenue of $580.42 million for the quarter, compared to analyst estimates of $579.41 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 12.0% on a year-over-year basis.
Several equities research analysts have issued reports on the company. Credit Suisse Group increased their price target on Cadence Design Systems from $62.00 to $70.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. lowered their price target on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Needham & Company LLC increased their price target on Cadence Design Systems to $76.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Bank of America assumed coverage on Cadence Design Systems in a report on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price target for the company. Finally, DA Davidson increased their price target on Cadence Design Systems to $80.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $69.10.
In related news, VP Surendra Babu Mandava sold 4,027 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $70.60, for a total transaction of $284,306.20. Following the completion of the transaction, the vice president now directly owns 299,760 shares in the company, valued at $21,163,056. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Aneel Zaman sold 4,766 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $68.25, for a total value of $325,279.50. Following the transaction, the vice president now owns 243,772 shares of the company’s stock, valued at $16,637,439. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 162,936 shares of company stock valued at $10,977,904. 2.34% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of CDNS. Great Lakes Advisors LLC boosted its position in Cadence Design Systems by 8.3% during the second quarter. Great Lakes Advisors LLC now owns 426,602 shares of the software maker’s stock valued at $30,208,000 after purchasing an additional 32,634 shares during the last quarter. GAM Holding AG boosted its position in Cadence Design Systems by 14.4% during the second quarter. GAM Holding AG now owns 15,974 shares of the software maker’s stock valued at $1,131,000 after purchasing an additional 2,006 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its position in Cadence Design Systems by 14.9% during the second quarter. D. E. Shaw & Co. Inc. now owns 972,347 shares of the software maker’s stock valued at $68,851,000 after purchasing an additional 126,272 shares during the last quarter. Horizon Investments LLC acquired a new position in Cadence Design Systems during the first quarter valued at approximately $258,000. Finally, Putnam Investments LLC boosted its position in Cadence Design Systems by 8.3% during the second quarter. Putnam Investments LLC now owns 341,900 shares of the software maker’s stock valued at $24,210,000 after purchasing an additional 26,267 shares during the last quarter. Institutional investors and hedge funds own 86.83% of the company’s stock.
Shares of Cadence Design Systems stock traded down $0.40 during trading hours on Monday, hitting $65.60. The company’s stock had a trading volume of 1,703,781 shares, compared to its average volume of 1,575,415. Cadence Design Systems has a 12 month low of $39.97 and a 12 month high of $77.08. The stock has a 50 day moving average of $66.60 and a 200 day moving average of $68.31. The company has a market capitalization of $18.38 billion, a PE ratio of 53.33, a price-to-earnings-growth ratio of 4.36 and a beta of 1.17. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.60 and a quick ratio of 1.52.
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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