$0.34 Earnings Per Share Expected for Cadence Design Systems, Inc. (CDNS) This Quarter
Wall Street brokerages expect Cadence Design Systems, Inc. (NASDAQ:CDNS) to announce earnings of $0.34 per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Cadence Design Systems’ earnings, with estimates ranging from $0.33 to $0.35. Cadence Design Systems reported earnings per share of $0.30 during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.3%. The business is scheduled to issue 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 year, analysts anticipate that the company will report earnings of $1.51 per share, with EPS estimates ranging from $1.46 to $1.55. Zacks’ earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, topping the consensus estimate of $0.32 by $0.02. The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $476.21 million. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. Cadence Design Systems’s revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.29 EPS.
A number of research analysts recently issued reports on the stock. BidaskClub upgraded shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. Zacks Investment Research downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Royal Bank Of Canada reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. Bank of America Corporation lifted their price target on shares of Cadence Design Systems from $38.00 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Finally, Credit Suisse Group reiterated an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. 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 assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $33.67.
In other Cadence Design Systems news, VP James J. Cowie sold 5,036 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $37.21, for a total transaction of $187,389.56. Following the sale, the vice president now owns 82,082 shares of the company’s stock, valued at $3,054,271.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $34.68, for a total transaction of $3,468,000.00. Following the sale, the chief executive officer now directly owns 583,332 shares in the company, valued at approximately $20,229,953.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 316,286 shares of company stock worth $11,395,640. 2.55% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in CDNS. JPMorgan Chase & Co. raised its holdings in Cadence Design Systems by 14.2% during the first quarter. JPMorgan Chase & Co. now owns 439,728 shares of the software maker’s stock worth $13,806,000 after purchasing an additional 54,809 shares in the last quarter. KBC Group NV raised its holdings in Cadence Design Systems by 10.6% during the first quarter. KBC Group NV now owns 43,742 shares of the software maker’s stock worth $1,373,000 after purchasing an additional 4,184 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its holdings in Cadence Design Systems by 1.2% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 25,277 shares of the software maker’s stock worth $794,000 after purchasing an additional 300 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Cadence Design Systems by 0.3% during the first quarter. Victory Capital Management Inc. now owns 39,348 shares of the software maker’s stock worth $1,236,000 after purchasing an additional 105 shares in the last quarter. Finally, Teachers Advisors LLC raised its holdings in Cadence Design Systems by 8.2% during the first quarter. Teachers Advisors LLC now owns 376,033 shares of the software maker’s stock worth $11,807,000 after purchasing an additional 28,609 shares in the last quarter. 84.27% of the stock is currently owned by institutional investors.
Cadence Design Systems (NASDAQ:CDNS) opened at 40.68 on Friday. The company has a market cap of $11.40 billion, a price-to-earnings ratio of 47.30 and a beta of 0.93. The company’s 50 day moving average is $38.45 and its 200 day moving average is $35.02. Cadence Design Systems has a 1-year low of $24.15 and a 1-year high of $40.73.
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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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