$497.85 Million in Sales Expected for Cadence Design Systems, Inc. (CDNS) This Quarter
Analysts expect Cadence Design Systems, Inc. (NASDAQ:CDNS) to post $497.85 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Cadence Design Systems’ earnings, with estimates ranging from $495.71 million to $500.00 million. Cadence Design Systems reported sales of $468.98 million in the same quarter last year, which would suggest a positive year over year growth rate of 6.2%. The company is scheduled to announce its next earnings report on Wednesday, February 7th.
On average, analysts expect that Cadence Design Systems will report full-year sales of $497.85 million for the current year. For the next financial year, analysts anticipate that the business will post sales of $2.05 billion per share, with estimates ranging from $2.05 billion to $2.06 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The firm had revenue of $485.40 million during the quarter, compared to the consensus estimate of $481.10 million. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share.
In related news, VP Aneel Zaman sold 32,255 shares of Cadence Design Systems stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $44.32, for a total transaction of $1,429,541.60. Following the completion of the transaction, the vice president now owns 217,497 shares of the company’s stock, valued at $9,639,467.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John M. Wall sold 750 shares of Cadence Design Systems stock in a transaction on Monday, October 9th. The stock was sold at an average price of $40.68, for a total transaction of $30,510.00. The disclosure for this sale can be found here. Insiders have sold 230,224 shares of company stock valued at $9,879,242 in the last three months. 2.55% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. AXA raised its stake in Cadence Design Systems by 15.9% during the third quarter. AXA now owns 1,687,367 shares of the software maker’s stock worth $66,600,000 after buying an additional 231,832 shares during the last quarter. New Mexico Educational Retirement Board bought a new stake in Cadence Design Systems in the third quarter valued at $1,022,000. Public Employees Retirement System of Ohio increased its stake in Cadence Design Systems by 35.7% in the third quarter. Public Employees Retirement System of Ohio now owns 173,384 shares of the software maker’s stock valued at $6,843,000 after purchasing an additional 45,590 shares in the last quarter. Algert Global LLC increased its stake in Cadence Design Systems by 14.2% in the third quarter. Algert Global LLC now owns 74,855 shares of the software maker’s stock valued at $2,955,000 after purchasing an additional 9,301 shares in the last quarter. Finally, Coldstream Capital Management Inc. bought a new stake in Cadence Design Systems in the third quarter valued at $207,000. 84.81% of the stock is owned by institutional investors and hedge funds.
Cadence Design Systems (NASDAQ:CDNS) traded up $0.65 during mid-day trading on Thursday, hitting $43.55. 2,110,528 shares of the stock traded hands, compared to its average volume of 2,312,081. The company has a market capitalization of $12,048.30, a P/E ratio of 45.88, a P/E/G ratio of 3.37 and a beta of 0.93. Cadence Design Systems has a 12-month low of $24.15 and a 12-month high of $45.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.79 and a quick ratio of 1.72.
COPYRIGHT VIOLATION NOTICE: “$497.85 Million in Sales Expected for Cadence Design Systems, Inc. (CDNS) This Quarter” was published by American Banking News and is the property of of American Banking News. If you are reading this story on another site, it was stolen and republished in violation of United States and international copyright and trademark legislation. The legal version of this story can be viewed at https://www.americanbankingnews.com/2017/12/07/497-85-million-in-sales-expected-for-cadence-design-systems-inc-cdns-this-quarter.html.
Cadence Design Systems Company Profile
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cadence Design Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.