$505.76 Million in Sales Expected for Cadence Design Systems Inc (CDNS) This Quarter

Analysts expect that Cadence Design Systems Inc (NASDAQ:CDNS) will announce sales of $505.76 million for the current quarter, Zacks reports. Four analysts have provided estimates for Cadence Design Systems’ earnings, with estimates ranging from $503.80 million to $507.15 million. Cadence Design Systems reported sales of $476.91 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 6%. The company is scheduled to report its next earnings report on Monday, April 23rd.

According to Zacks, analysts expect that Cadence Design Systems will report full-year sales of $505.76 million for the current fiscal year, with estimates ranging from $2.04 billion to $2.06 billion. For the next year, analysts anticipate that the firm will post sales of $2.17 billion per share, with estimates ranging from $2.12 billion to $2.19 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Wednesday, January 31st. The software maker reported $0.39 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. The business had revenue of $501.70 million for the quarter, compared to analyst estimates of $496.20 million. Cadence Design Systems had a return on equity of 31.28% and a net margin of 10.50%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.34 EPS.

CDNS has been the topic of several research analyst reports. DA Davidson boosted their price target on Cadence Design Systems to $43.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. BidaskClub lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, January 19th. Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. Credit Suisse Group reissued a “neutral” rating and set a $43.00 price target (up previously from $37.00) on shares of Cadence Design Systems in a research note on Thursday, February 1st. Finally, Royal Bank of Canada reissued a “buy” rating and set a $46.00 price target on shares of Cadence Design Systems in a research note on Friday, October 27th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $44.20.

In related news, CFO John M. Wall sold 750 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $37.93, for a total value of $28,447.50. Following the sale, the chief financial officer now owns 129,673 shares of the company’s stock, valued at approximately $4,918,496.89. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Anirudh Devgan sold 44,526 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $45.01, for a total value of $2,004,115.26. Following the completion of the sale, the president now directly owns 377,019 shares in the company, valued at approximately $16,969,625.19. The disclosure for this sale can be found here. In the last ninety days, insiders sold 289,031 shares of company stock worth $12,743,334. 2.55% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its stake in Cadence Design Systems by 6.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,130 shares of the software maker’s stock valued at $338,000 after buying an additional 612 shares in the last quarter. First Republic Investment Management Inc. lifted its stake in Cadence Design Systems by 7.1% in the 3rd quarter. First Republic Investment Management Inc. now owns 22,584 shares of the software maker’s stock valued at $892,000 after buying an additional 1,491 shares in the last quarter. Standard Life Aberdeen plc lifted its stake in Cadence Design Systems by 3.3% in the 4th quarter. Standard Life Aberdeen plc now owns 51,273 shares of the software maker’s stock valued at $2,144,000 after buying an additional 1,656 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Cadence Design Systems by 3.2% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 57,400 shares of the software maker’s stock valued at $2,400,000 after buying an additional 1,766 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its stake in Cadence Design Systems by 5.2% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 36,934 shares of the software maker’s stock valued at $1,458,000 after buying an additional 1,811 shares in the last quarter. 84.91% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Cadence Design Systems (CDNS) opened at $38.60 on Tuesday. The company has a market capitalization of $10,900.00, a P/E ratio of 52.88, a PEG ratio of 3.68 and a beta of 0.97. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.47 and a current ratio of 1.53. Cadence Design Systems has a 52 week low of $29.44 and a 52 week high of $46.00.

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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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Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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