Cadence Design Systems (CDNS) Scheduled to Post Earnings on Wednesday
Cadence Design Systems (NASDAQ:CDNS) is set to issue its Q313 quarterly earnings data on Wednesday, October 23rd. Analysts expect the company to announce earnings of $0.21 per share and revenue of $367.03 million for the quarter. Cadence Design Systems has set its Q3 guidance at $0.19-0.21 EPS and its FY13 guidance at $0.80-0.89 EPS.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $362.00 million for the quarter, compared to the consensus estimate of $359.60 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, analysts expect Cadence Design Systems to post $0.86 EPS for the current fiscal year and $1.00 EPS for the next fiscal year.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded up 0.52% on Tuesday, hitting $14.60. 2,848,140 shares of the company’s stock traded hands. Cadence Design Systems has a 52-week low of $11.61 and a 52-week high of $15.96. The stock has a 50-day moving average of $13.68 and a 200-day moving average of $14.1. The company has a market cap of $4.146 billion and a price-to-earnings ratio of 9.08.
Several analysts have recently commented on the stock. Analysts at DA Davidson upgraded shares of Cadence Design Systems from a “neutral” rating to a “buy” rating in a research note to investors on Thursday, September 12th. They now have a $16.00 price target on the stock. On the ratings front, analysts at Zacks downgraded shares of Cadence Design Systems from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, August 5th. They now have a $17.00 price target on the stock. Finally, analysts at Pacific Crest initiated coverage on shares of Cadence Design Systems in a research note to investors on Tuesday, July 30th. They set a “sector perform” rating on the stock. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $17.07.
Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).
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