Zacks: Analysts Expect Cadence Design Systems, Inc. (NASDAQ:CDNS) Will Announce Earnings of $0.23 Per Share
Equities research analysts predict that Cadence Design Systems, Inc. (NASDAQ:CDNS) will post earnings of $0.23 per share for the current quarter, Zacks reports. Three analysts have issued estimates for Cadence Design Systems’ earnings. The lowest EPS estimate is $0.22 and the highest is $0.25. Cadence Design Systems also reported earnings of $0.23 per share in the same quarter last year. The business is scheduled to issue its next earnings report on Monday, October 23rd.
According to Zacks, analysts expect that Cadence Design Systems will report full-year earnings of $0.96 per share for the current financial year, with EPS estimates ranging from $0.93 to $1.00. For the next year, analysts forecast that the firm will post earnings of $1.03 per share, with EPS estimates ranging from $0.94 to $1.10. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 28.76%. The company had revenue of $479 million during the quarter, compared to analyst estimates of $476.21 million. During the same period in the previous year, the business earned $0.29 EPS. The firm’s revenue for the quarter was up 5.7% on a year-over-year basis.
Several equities research analysts have weighed in on the stock. Bank of America Corporation raised their target price on shares of Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday. BidaskClub cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Royal Bank Of Canada raised their price target on shares of Cadence Design Systems from $36.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday. Zacks Investment Research cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Finally, DA Davidson cut shares of Cadence Design Systems from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $32.67.
In related news, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total transaction of $1,968,750.00. Following the completion of the transaction, the insider now owns 322,734 shares of the company’s stock, valued at $11,295,690. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Roger S. Siboni sold 20,507 shares of the firm’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $32.32, for a total transaction of $662,786.24. Following the transaction, the director now directly owns 52,701 shares of the company’s stock, valued at approximately $1,703,296.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 502,663 shares of company stock valued at $16,975,295. Corporate insiders own 2.55% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of CDNS. Glen Harbor Capital Management LLC boosted its position in shares of Cadence Design Systems by 53.2% in the first quarter. Glen Harbor Capital Management LLC now owns 18,810 shares of the software maker’s stock valued at $591,000 after buying an additional 6,534 shares during the period. Koch Industries Inc. acquired a new position in shares of Cadence Design Systems during the first quarter valued at about $308,000. Capstone Asset Management Co. boosted its position in shares of Cadence Design Systems by 2.3% in the first quarter. Capstone Asset Management Co. now owns 27,201 shares of the software maker’s stock valued at $854,000 after buying an additional 600 shares during the period. Jane Street Group LLC acquired a new position in shares of Cadence Design Systems during the first quarter valued at about $934,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Cadence Design Systems during the first quarter valued at about $695,000. 86.35% of the stock is owned by hedge funds and other institutional investors.
Shares of Cadence Design Systems (NASDAQ CDNS) traded up 1.75% during midday trading on Wednesday, reaching $37.28. 1,599,022 shares of the company’s stock were exchanged. Cadence Design Systems has a one year low of $23.83 and a one year high of $37.34. The firm has a market cap of $10.42 billion, a PE ratio of 47.92 and a beta of 0.93. The stock’s 50-day moving average is $34.38 and its 200 day moving average is $31.71.
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About Cadence Design Systems
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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