Wall Street analysts expect Cadence Design Systems Inc (NASDAQ:CDNS) to report earnings of $0.48 per share for the current quarter, Zacks reports. Four analysts have issued estimates for Cadence Design Systems’ earnings. The highest EPS estimate is $0.48 and the lowest is $0.47. Cadence Design Systems posted earnings of $0.39 per share in the same quarter last year, which would suggest a positive year over year growth rate of 23.1%. The firm is expected to announce its next quarterly earnings report after the market closes on Wednesday, January 30th.
On average, analysts expect that Cadence Design Systems will report full-year earnings of $1.82 per share for the current year, with EPS estimates ranging from $1.81 to $1.83. For the next fiscal year, analysts forecast that the company will report earnings of $1.95 per share, with EPS estimates ranging from $1.86 to $2.02. Zacks’ EPS calculations are an average based on a survey of analysts that that provide coverage for Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, October 22nd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $532.47 million for the quarter, compared to the consensus estimate of $516.50 million. During the same period in the prior year, the company posted $0.35 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis.
A number of equities analysts recently issued reports on CDNS shares. Zacks Investment Research lowered Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a report on Monday, December 31st. BidaskClub raised shares of Cadence Design Systems from a “sell” rating to a “hold” rating in a research report on Friday, November 23rd. Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, November 20th. They set a “hold” rating and a $50.00 target price for the company. Benchmark upgraded Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a research report on Tuesday, October 23rd. Finally, JPMorgan Chase & Co. upgraded Cadence Design Systems from an “underweight” rating to a “neutral” rating and raised their price target for the company from $49.00 to $51.00 in a report on Tuesday, October 23rd. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Cadence Design Systems has an average rating of “Buy” and an average price target of $50.75.
In other news, insider Aneel Zaman sold 32,995 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 202,927 shares of the company’s stock, valued at approximately $9,022,134.42. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP James J. Cowie sold 60,000 shares of the company’s stock in a transaction on Thursday, October 25th. The stock was sold at an average price of $45.99, for a total value of $2,759,400.00. Following the completion of the sale, the vice president now owns 106,949 shares of the company’s stock, valued at $4,918,584.51. The disclosure for this sale can be found here. Insiders have sold 187,526 shares of company stock worth $8,574,784 over the last quarter. Corporate insiders own 2.28% of the company’s stock.
Several institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP increased 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 period. FMR LLC bought a new position in Cadence Design Systems in the 2nd quarter valued at about $274,000. Federated Investors Inc. PA increased its stake in shares of Cadence Design Systems by 109.0% in the 2nd quarter. Federated Investors Inc. PA now owns 12,206 shares of the software maker’s stock valued at $529,000 after acquiring an additional 6,367 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Cadence Design Systems in the 2nd quarter worth about $254,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in shares of Cadence Design Systems by 81.9% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 32,500 shares of the software maker’s stock worth $1,408,000 after purchasing an additional 14,630 shares during the last quarter. 87.43% of the stock is currently owned by institutional investors.
NASDAQ:CDNS opened at $44.45 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58. The stock has a market cap of $12.37 billion, a P/E ratio of 41.93, a price-to-earnings-growth ratio of 2.91 and a beta of 1.03. Cadence Design Systems has a 12-month low of $35.49 and a 12-month high of $47.40.
About Cadence Design Systems
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.
Featured Story: What is the Dividend Aristocrat Index?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.