$0.34 EPS Expected for Cadence Design Systems, Inc. (CDNS) This Quarter
Wall Street brokerages expect Cadence Design Systems, Inc. (NASDAQ:CDNS) to post earnings of $0.34 per share for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Cadence Design Systems’ earnings, with the highest EPS estimate coming in at $0.35 and the lowest estimate coming in at $0.33. Cadence Design Systems posted earnings per share of $0.30 in the same quarter last year, which would suggest a positive year-over-year growth rate of 13.3%. The company is expected to report its next earnings results 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 fiscal year, with EPS estimates ranging from $1.37 to $1.40. For the next year, analysts forecast that the business will post earnings of $1.51 per share, with EPS estimates ranging from $1.46 to $1.55. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that follow Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, July 24th. The software maker reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The business had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $476.21 million. During the same period last year, the company posted $0.29 EPS. The business’s revenue was up 5.7% on a year-over-year basis.
Several research analysts have weighed in on CDNS shares. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Thursday, July 27th. BidaskClub lowered shares of Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Bank of America Corporation increased their target price 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. Credit Suisse Group reaffirmed an “outperform” rating on shares of Cadence Design Systems in a research note on Thursday, August 31st. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of Cadence Design Systems in a research note on Friday, July 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $35.60.
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Shares of Cadence Design Systems (NASDAQ CDNS) traded up 0.93% during trading on Friday, hitting $41.39. 2,786,023 shares of the company’s stock were exchanged. The company has a 50-day moving average of $38.69 and a 200-day moving average of $35.20. Cadence Design Systems has a 12-month low of $24.15 and a 12-month high of $41.47. The company has a market cap of $11.60 billion, a P/E ratio of 48.13 and a beta of 0.93.
In other news, CFO Geoffrey G. Ribar sold 35,000 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.31, for a total transaction of $1,305,850.00. Following the sale, the chief financial officer now owns 204,413 shares of the company’s stock, valued at $7,626,649.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Geoffrey G. Ribar sold 5,000 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $36.88, for a total transaction of $184,400.00. Following the sale, the chief financial officer now directly owns 174,413 shares in the company, valued at approximately $6,432,351.44. The disclosure for this sale can be found here. Insiders have sold 317,036 shares of company stock worth $11,426,150 in the last three months. Corporate insiders own 2.55% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its position in shares of Cadence Design Systems by 6,398.5% during the first quarter. BlackRock Inc. now owns 26,541,567 shares of the software maker’s stock worth $833,406,000 after purchasing an additional 26,133,138 shares in the last quarter. Vanguard Group Inc. raised its holdings in Cadence Design Systems by 2.2% in the second quarter. Vanguard Group Inc. now owns 24,488,691 shares of the software maker’s stock valued at $820,127,000 after acquiring an additional 516,100 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Cadence Design Systems by 73,454.0% in the second quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock valued at $693,303,000 after acquiring an additional 20,673,635 shares in the last quarter. State Street Corp raised its holdings in Cadence Design Systems by 1.2% in the second quarter. State Street Corp now owns 9,105,421 shares of the software maker’s stock valued at $304,935,000 after acquiring an additional 108,305 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Cadence Design Systems by 48.1% in the first quarter. Goldman Sachs Group Inc. now owns 4,771,026 shares of the software maker’s stock valued at $149,811,000 after acquiring an additional 1,549,905 shares in the last quarter. 84.27% of the stock is currently owned by institutional investors and hedge funds.
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).
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