Brokerages predict that Cadence Design Systems (NASDAQ:CDNS) will post $0.38 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Cadence Design Systems’ earnings. The lowest EPS estimate is $0.37 and the highest is $0.38. Cadence Design Systems posted earnings of $0.32 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 18.8%. The company is scheduled to issue its next quarterly earnings report after the market closes 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 fiscal year, with EPS estimates ranging from $1.55 to $1.58. For the next fiscal year, analysts forecast that the company will post earnings of $1.71 per share, with EPS estimates ranging from $1.65 to $1.77. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that follow Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The company had revenue of $501.70 million during the quarter, compared to the consensus estimate of $496.20 million. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. Cadence Design Systems’s revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 EPS.
CDNS has been the subject of several analyst reports. BidaskClub downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Zacks Investment Research downgraded Cadence Design Systems from a “hold” rating to a “strong sell” rating in a report on Monday, February 5th. DA Davidson upgraded Cadence Design Systems from a “neutral” rating to a “buy” rating in a report on Thursday, April 5th. ValuEngine upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Credit Suisse Group reiterated a “neutral” rating and issued a $43.00 price target (up from $37.00) on shares of Cadence Design Systems in a report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Cadence Design Systems currently has a consensus rating of “Hold” and an average target price of $44.20.
In other news, President Anirudh Devgan sold 40,063 shares of the company’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $38.54, for a total transaction of $1,544,028.02. Following the completion of the sale, the president now directly owns 403,387 shares in the company, valued at approximately $15,546,534.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John M. Wall sold 750 shares of the company’s stock in a transaction on Monday, April 9th. The stock was sold at an average price of $36.16, for a total value of $27,120.00. Following the sale, the chief financial officer now owns 124,458 shares of the company’s stock, valued at $4,500,401.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,584 shares of company stock valued at $1,639,670. Insiders own 2.28% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB increased its holdings in shares of Cadence Design Systems by 14.3% during the 4th quarter. Xact Kapitalforvaltning AB now owns 29,732 shares of the software maker’s stock worth $1,243,000 after buying an additional 3,720 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Cadence Design Systems by 33.2% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 116,999 shares of the software maker’s stock valued at $4,893,000 after purchasing an additional 29,181 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Cadence Design Systems in the 4th quarter valued at $5,855,000. MetLife Investment Advisors LLC acquired a new stake in Cadence Design Systems in the 4th quarter valued at $3,654,000. Finally, Gotham Asset Management LLC increased its holdings in Cadence Design Systems by 227.3% in the 4th quarter. Gotham Asset Management LLC now owns 268,716 shares of the software maker’s stock valued at $11,238,000 after purchasing an additional 186,603 shares in the last quarter. Institutional investors and hedge funds own 85.85% of the company’s stock.
Shares of CDNS opened at $37.02 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.53 and a quick ratio of 1.47. The firm has a market capitalization of $10,485.39, a price-to-earnings ratio of 34.28, a price-to-earnings-growth ratio of 3.62 and a beta of 1.14. Cadence Design Systems has a fifty-two week low of $31.22 and a fifty-two week high of $46.00.
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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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