Cadence Design Systems, Inc. (CDNS) Set to Announce Earnings on Monday
Cadence Design Systems, Inc. (NASDAQ:CDNS) is set to release its earnings data after the market closes on Monday, October 23rd. Analysts expect Cadence Design Systems to post earnings of $0.34 per share for the quarter. Cadence Design Systems has set its Q3 guidance at $0.33-0.35 EPS and its FY17 guidance at $1.36-1.42 EPS.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $476.21 million. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period last year, the firm earned $0.29 earnings per share. On average, analysts expect Cadence Design Systems to post $1 EPS for the current fiscal year and $1.02 EPS for the next fiscal year.
Cadence Design Systems, Inc. (NASDAQ:CDNS) opened at 42.00 on Monday. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $42.20. The firm has a market capitalization of $11.77 billion, a P/E ratio of 48.84 and a beta of 0.93. The company has a 50-day moving average price of $39.11 and a 200-day moving average price of $35.42.
In other Cadence Design Systems news, CFO John M. Wall sold 750 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $40.68, for a total transaction of $30,510.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP James J. Cowie sold 5,036 shares of the company’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $37.21, for a total transaction of $187,389.56. Following the sale, the vice president now directly owns 82,082 shares in the company, valued at $3,054,271.22. The disclosure for this sale can be found here. In the last three months, insiders sold 217,036 shares of company stock worth $7,958,150. 2.55% of the stock is currently owned by insiders.
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A number of analysts recently weighed in on the stock. Royal Bank Of Canada upped their target price on shares of Cadence Design Systems from $39.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, October 11th. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. BidaskClub raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Thursday, July 27th. Finally, Bank of America Corporation upped 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, July 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Cadence Design Systems currently has a consensus rating of “Buy” and an average target price of $35.60.
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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