Cadence Design Systems, Inc. (CDNS) to Release Quarterly Earnings on Monday
Cadence Design Systems, Inc. (NASDAQ:CDNS) is set to announce its earnings results after the market closes on Monday, October 23rd. Analysts expect the company to announce 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 announced its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a return on equity of 27.81% and a net margin of 12.86%. The company had revenue of $479.00 million during the quarter, compared to the consensus estimate of $476.21 million. During the same period in the previous year, the company posted $0.29 EPS. The firm’s revenue was up 5.7% on a year-over-year basis. 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 42.28 on Friday. The company has a market capitalization of $11.85 billion, a P/E ratio of 49.16 and a beta of 0.93. Cadence Design Systems, Inc. has a 1-year low of $24.15 and a 1-year high of $42.57. The firm has a 50-day moving average price of $39.60 and a 200 day moving average price of $35.74.
In other news, CFO John M. Wall sold 750 shares of Cadence Design Systems stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $40.68, for a total value of $30,510.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Geoffrey G. Ribar sold 5,000 shares of Cadence Design Systems stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $36.88, for a total value of $184,400.00. Following the completion of the sale, the chief financial officer now directly owns 174,413 shares in the company, valued at $6,432,351.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 260,786 shares of company stock worth $10,186,400. 2.55% of the stock is owned by corporate insiders.
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Several analysts have commented on the company. BidaskClub raised Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Royal Bank Of Canada raised their price objective on Cadence Design Systems from $36.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Credit Suisse Group reissued an “outperform” rating on shares of Cadence Design Systems in a report on Thursday, August 31st. Finally, Bank of America Corporation raised their price objective on Cadence Design Systems from $38.00 to $41.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $38.25.
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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