Analysts Issue Forecasts for Cadence Design Systems Inc.’s Q1 2018 Earnings (CDNS)
Cadence Design Systems Inc. (NASDAQ:CDNS) – Stock analysts at DA Davidson issued their Q1 2018 earnings per share (EPS) estimates for Cadence Design Systems in a research note issued on Monday. DA Davidson analyst T. Diffely expects that the brokerage will earn $0.22 per share for the quarter. DA Davidson has a “Buy” rating and a $30.00 price objective on the stock. DA Davidson also issued estimates for Cadence Design Systems’ Q3 2018 earnings at $0.28 EPS.
Other analysts also recently issued reports about the stock. RBC Capital Markets restated an “outperform” rating and issued a $29.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 26th. Bank of America Corp. restated a “buy” rating and issued a $30.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 26th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Cadence Design Systems has a consensus rating of “Buy” and an average price target of $26.75.
Shares of Cadence Design Systems (NASDAQ:CDNS) traded up 0.66% during mid-day trading on Thursday, reaching $25.92. 2,341,346 shares of the company’s stock traded hands. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of 30.71 and a beta of 1.14. The stock has a 50-day moving average price of $25.27 and a 200 day moving average price of $24.52. Cadence Design Systems has a 12-month low of $18.32 and a 12-month high of $26.45.
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Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 25th. The company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Cadence Design Systems had a net margin of 14.52% and a return on equity of 21.48%. The business earned $453 million during the quarter, compared to analyst estimates of $449.54 million. During the same period last year, the business posted $0.27 earnings per share. Cadence Design Systems’s quarterly revenue was up 8.9% compared to the same quarter last year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 25,000 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $25.59, for a total value of $639,750.00. Following the transaction, the chief executive officer now directly owns 512,498 shares in the company, valued at approximately $13,114,823.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Geoffrey G. Ribar sold 22,933 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $24.16, for a total transaction of $554,061.28. Following the completion of the transaction, the chief financial officer now owns 241,727 shares in the company, valued at $5,840,124.32. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of CDNS. Canada Pension Plan Investment Board increased its position in shares of Cadence Design Systems by 2.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,386,900 shares of the company’s stock worth $32,703,000 after buying an additional 38,100 shares in the last quarter. Credit Agricole S A bought a new position in shares of Cadence Design Systems during the first quarter worth approximately $694,000. M&T Bank Corp increased its position in shares of Cadence Design Systems by 2.5% in the first quarter. M&T Bank Corp now owns 29,716 shares of the company’s stock worth $700,000 after buying an additional 713 shares in the last quarter. Acrospire Investment Management LLC bought a new position in shares of Cadence Design Systems during the first quarter worth approximately $200,000. Finally, JPMorgan Chase & Co. increased its position in shares of Cadence Design Systems by 31.5% in the first quarter. JPMorgan Chase & Co. now owns 1,048,203 shares of the company’s stock worth $24,717,000 after buying an additional 250,953 shares in the last quarter. Institutional investors and hedge funds own 85.57% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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