Q3 2017 EPS Estimates for Cadence Design Systems, Inc. (NASDAQ:CDNS) Reduced by Analyst
Cadence Design Systems, Inc. (NASDAQ:CDNS) – Stock analysts at DA Davidson dropped their Q3 2017 earnings per share estimates for shares of Cadence Design Systems in a research report issued on Tuesday. DA Davidson analyst T. Diffely now forecasts that the software maker will post earnings per share of $0.24 for the quarter, down from their prior forecast of $0.25. DA Davidson currently has a “Neutral” rating on the stock. DA Davidson also issued estimates for Cadence Design Systems’ FY2017 earnings at $1.01 EPS, Q1 2018 earnings at $0.24 EPS, Q2 2018 earnings at $0.25 EPS, Q3 2018 earnings at $0.26 EPS, Q4 2018 earnings at $0.33 EPS and FY2018 earnings at $1.07 EPS.
A number of other analysts have also weighed in on CDNS. Royal Bank Of Canada reaffirmed a “buy” rating and set a $33.00 target price on shares of Cadence Design Systems in a report on Tuesday, April 18th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research note on Thursday, April 27th. BidaskClub cut shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, Bank of America Corporation upped their price objective 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $33.67.
Shares of Cadence Design Systems (CDNS) opened at 36.98 on Friday. Cadence Design Systems has a 52-week low of $23.83 and a 52-week high of $37.51. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of 47.53 and a beta of 0.93. The company’s 50 day moving average is $34.50 and its 200 day moving average is $31.87.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company had revenue of $479 million for the quarter, compared to analysts’ expectations of $476.21 million. During the same period last year, the firm earned $0.29 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis.
In related news, insider Thomas P. Beckley sold 56,250 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $35.00, for a total value of $1,968,750.00. Following the transaction, the insider now owns 322,734 shares of the company’s stock, valued at $11,295,690. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Aneel Zaman sold 29,406 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $32.62, for a total transaction of $959,223.72. Following the completion of the transaction, the insider now directly owns 247,495 shares in the company, valued at approximately $8,073,286.90. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 434,656 shares of company stock worth $14,786,334. Insiders own 2.55% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Creative Planning increased its position in shares of Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after buying an additional 2,323 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock valued at $200,000 after buying an additional 31 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new stake in Cadence Design Systems during the first quarter valued at about $205,000. Atria Investments LLC bought a new stake in Cadence Design Systems during the second quarter valued at about $231,000. Finally, Janney Capital Management LLC bought a new stake in Cadence Design Systems during the first quarter valued at about $225,000. 86.35% of the stock is currently owned by institutional investors and hedge funds.
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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