Cadence Design Systems Inc. (CDNS) to Post Q2 2018 Earnings of $0.26 Per Share, DA Davidson Forecasts
Cadence Design Systems Inc. (NASDAQ:CDNS) – Stock analysts at DA Davidson issued their Q2 2018 earnings per share estimates for Cadence Design Systems in a research report issued to clients and investors on Monday. DA Davidson analyst T. Diffely expects that the brokerage will post earnings per share of $0.26 for the quarter. DA Davidson has a “Buy” rating and a $30.00 price target on the stock. DA Davidson also issued estimates for Cadence Design Systems’ FY2018 earnings at $1.08 EPS.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 25th. The company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. The firm earned $453 million during the quarter, compared to analyst estimates of $449.54 million. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 earnings per share.
Several other equities research analysts have also commented on CDNS. Bank of America Corp. reaffirmed a “buy” rating and issued a $30.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 26th. RBC Capital Markets reiterated an “outperform” rating and issued a $29.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Three research analysts have rated the stock with a hold rating and seven 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 $26.75.
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Shares of Cadence Design Systems (NASDAQ:CDNS) traded up 0.66% on Wednesday, hitting $25.92. The stock had a trading volume of 2,341,346 shares. The firm’s 50-day moving average price is $25.27 and its 200 day moving average price is $24.52. Cadence Design Systems has a 12 month low of $18.32 and a 12 month high of $26.45. The firm has a market cap of $7.58 billion, a P/E ratio of 30.71 and a beta of 1.14.
In related news, Director George Scalise sold 5,000 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $25.27, for a total transaction of $126,350.00. Following the completion of the transaction, the director now owns 38,579 shares in the company, valued at approximately $974,891.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas P. Beckley sold 58,646 shares of the company’s stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $25.00, for a total transaction of $1,466,150.00. Following the transaction, the insider now owns 305,048 shares of the company’s stock, valued at approximately $7,626,200. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Invictus RG increased its position in Cadence Design Systems by 625.9% in the second quarter. Invictus RG now owns 5,277 shares of the company’s stock valued at $128,000 after buying an additional 4,550 shares during the period. Creative Planning increased its position in Cadence Design Systems by 56.4% in the third quarter. Creative Planning now owns 5,018 shares of the company’s stock valued at $128,000 after buying an additional 1,810 shares during the period. Daiwa Securities Group Inc. bought a new position in Cadence Design Systems during the second quarter valued at $168,000. Mn Services Vermogensbeheer B.V. bought a new position in Cadence Design Systems during the second quarter valued at $168,000. Finally, Penserra Capital Management LLC bought a new position in Cadence Design Systems during the second quarter valued at $169,000. Hedge funds and other institutional investors 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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