Zacks: Analysts Anticipate Cadence Design Systems, Inc. (CDNS) to Post $0.34 EPS
Analysts forecast that Cadence Design Systems, Inc. (NASDAQ:CDNS) will post earnings of $0.34 per share for the current quarter, Zacks reports. Four analysts have made estimates for Cadence Design Systems’ earnings. The highest EPS estimate is $0.35 and the lowest is $0.33. Cadence Design Systems reported earnings per share of $0.30 during the same quarter last year, which suggests a positive year over year growth rate of 13.3%. The business is scheduled to report its next earnings report after the market closes on Thursday, October 26th.
On average, analysts expect that Cadence Design Systems will report full year earnings of $1.39 per share for the current year, with EPS estimates ranging from $1.37 to $1.40. For the next fiscal year, analysts anticipate that the business will report earnings of $1.51 per share, with EPS estimates ranging from $1.46 to $1.55. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. The firm had revenue of $479.00 million for the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The company’s revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 EPS.
CDNS has been the topic of several analyst reports. Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Bank of America Corporation lifted their target price on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Finally, Royal Bank of Canada lifted their target price on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $33.67.
Cadence Design Systems (CDNS) traded up 0.10% during mid-day trading on Tuesday, hitting $38.82. 4,072,986 shares of the stock were exchanged. The stock has a market cap of $10.88 billion, a price-to-earnings ratio of 45.14 and a beta of 0.92. The stock has a 50 day moving average of $37.41 and a 200-day moving average of $34.28. Cadence Design Systems has a 52-week low of $24.15 and a 52-week high of $39.49.
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In other news, CFO Geoffrey G. Ribar sold 15,000 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $37.55, for a total transaction of $563,250.00. Following the sale, the chief financial officer now owns 184,413 shares in the company, valued at $6,924,708.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $34.68, for a total value of $3,468,000.00. Following the sale, the chief executive officer now owns 583,332 shares in the company, valued at approximately $20,229,953.76. The disclosure for this sale can be found here. Insiders sold 316,286 shares of company stock worth $11,395,640 in the last quarter. 2.55% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Achmea Investment Management B.V. grew its stake in shares of Cadence Design Systems by 81.3% during the second quarter. Achmea Investment Management B.V. now owns 18,797 shares of the software maker’s stock worth $629,000 after acquiring an additional 8,429 shares during the last quarter. USA Financial Portformulas Corp purchased a new stake in shares of Cadence Design Systems during the second quarter worth about $828,000. WINTON GROUP Ltd grew its stake in shares of Cadence Design Systems by 55.3% during the second quarter. WINTON GROUP Ltd now owns 296,620 shares of the software maker’s stock worth $9,934,000 after acquiring an additional 105,633 shares during the last quarter. Koch Industries Inc. grew its stake in shares of Cadence Design Systems by 10,354.0% during the second quarter. Koch Industries Inc. now owns 1,024,180 shares of the software maker’s stock worth $994,000 after acquiring an additional 1,014,383 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Cadence Design Systems by 1.8% during the second quarter. Ameritas Investment Partners Inc. now owns 83,671 shares of the software maker’s stock worth $2,802,000 after acquiring an additional 1,494 shares during the last quarter. Institutional investors and hedge funds own 84.27% of the company’s stock.
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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