Wall Street brokerages predict that Cadence Design Systems Inc (NASDAQ:CDNS) will announce sales of $550.82 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Cadence Design Systems’ earnings, with estimates ranging from $549.49 million to $552.40 million. Cadence Design Systems posted sales of $501.72 million in the same quarter last year, which indicates a positive year over year growth rate of 9.8%. The business is scheduled to report its next quarterly earnings results on Wednesday, January 30th.

On average, analysts expect that Cadence Design Systems will report full-year sales of $2.12 billion for the current financial year. For the next fiscal year, analysts expect that the company will report sales of $2.24 billion, with estimates ranging from $2.20 billion to $2.28 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 22nd. The software maker reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.08. Cadence Design Systems had a net margin of 11.25% and a return on equity of 28.44%. The business had revenue of $532.47 million during the quarter, compared to analysts’ expectations of $516.50 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. Cadence Design Systems’s revenue was up 9.7% compared to the same quarter last year.

Several research analysts have commented on the company. BidaskClub raised Cadence Design Systems from a “sell” rating to a “hold” rating in a research note on Friday, November 23rd. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, November 20th. They set a “hold” rating and a $50.00 target price for the company. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “strong-buy” rating and set a $54.00 target price for the company in a research note on Thursday, October 25th. Benchmark raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a research note on Tuesday, October 23rd. Finally, JPMorgan Chase & Co. raised Cadence Design Systems from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $49.00 to $51.00 in a research note on Tuesday, October 23rd. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Cadence Design Systems currently has an average rating of “Buy” and a consensus price target of $50.75.

CDNS traded down $1.49 on Wednesday, hitting $44.73. 2,279,891 shares of the stock were exchanged, compared to its average volume of 1,536,512. Cadence Design Systems has a 12 month low of $35.49 and a 12 month high of $47.40. The company has a quick ratio of 1.58, a current ratio of 1.64 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $12.71 billion, a price-to-earnings ratio of 42.20, a P/E/G ratio of 3.31 and a beta of 1.13.

In other news, President Anirudh Devgan sold 20,476 shares of the company’s stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $45.73, for a total value of $936,367.48. Following the completion of the transaction, the president now owns 335,170 shares of the company’s stock, valued at $15,327,324.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Aneel Zaman sold 32,995 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $44.46, for a total value of $1,466,957.70. Following the completion of the transaction, the insider now directly owns 202,927 shares of the company’s stock, valued at approximately $9,022,134.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 213,471 shares of company stock valued at $9,763,272. Insiders own 2.28% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in CDNS. Alps Advisors Inc. increased its stake in shares of Cadence Design Systems by 44.4% in the second quarter. Alps Advisors Inc. now owns 28,022 shares of the software maker’s stock valued at $1,172,000 after buying an additional 8,613 shares during the period. Piedmont Investment Advisors LLC acquired a new stake in Cadence Design Systems during the 2nd quarter valued at approximately $3,059,000. Sumitomo Mitsui Asset Management Company LTD increased its position in Cadence Design Systems by 27.0% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 1,641,989 shares of the software maker’s stock valued at $71,114,000 after purchasing an additional 349,201 shares during the period. TD Asset Management Inc. increased its position in Cadence Design Systems by 274.9% during the 2nd quarter. TD Asset Management Inc. now owns 342,806 shares of the software maker’s stock valued at $14,847,000 after purchasing an additional 251,365 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its position in Cadence Design Systems by 13.5% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,720,570 shares of the software maker’s stock valued at $74,518,000 after purchasing an additional 205,213 shares during the period. 87.65% of the stock is owned by institutional investors.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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

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