Wall Street analysts predict that Cadence Design Systems Inc (NASDAQ:CDNS) will report sales of $497.85 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Cadence Design Systems’ earnings, with the highest sales estimate coming in at $500.00 million and the lowest estimate coming in at $495.71 million. Cadence Design Systems reported sales of $468.98 million in the same quarter last year, which indicates a positive year-over-year growth rate of 6.2%. The business is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, January 31st.

According to Zacks, analysts expect that Cadence Design Systems will report full year sales of $497.85 million for the current year. For the next fiscal year, analysts expect that the firm will post sales of $2.05 billion per share, with estimates ranging from $2.05 billion to $2.06 billion. Zacks’ sales averages are an average based on a survey of research firms that that provide coverage for Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Thursday, October 26th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Cadence Design Systems had a net margin of 13.45% and a return on equity of 29.00%. The firm had revenue of $485.40 million for the quarter, compared to analysts’ expectations of $481.10 million. During the same quarter last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year.

CDNS has been the topic of a number of research analyst reports. KeyCorp reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, November 26th. Royal Bank of Canada reissued a “buy” rating and issued a $46.00 price target on shares of Cadence Design Systems in a research note on Friday, October 27th. Zacks Investment Research raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Wednesday, November 1st. DA Davidson lifted their price target on shares of Cadence Design Systems to $43.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. They noted that the move was a valuation call. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cadence Design Systems in a research note on Sunday, October 29th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Cadence Design Systems currently has a consensus rating of “Buy” and an average price target of $44.50.

In other Cadence Design Systems news, VP Aneel Zaman sold 32,255 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $44.32, for a total value of $1,429,541.60. Following the transaction, the vice president now owns 217,497 shares in the company, valued at approximately $9,639,467.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lip Bu Tan sold 100,000 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $41.97, for a total value of $4,197,000.00. Following the completion of the transaction, the chief executive officer now owns 445,833 shares in the company, valued at approximately $18,711,611.01. The disclosure for this sale can be found here. Insiders sold a total of 380,974 shares of company stock worth $16,516,462 in the last 90 days. 2.55% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Sigma Planning Corp raised its holdings in shares of Cadence Design Systems by 17.1% during the 3rd quarter. Sigma Planning Corp now owns 66,369 shares of the software maker’s stock worth $2,620,000 after acquiring an additional 9,695 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Cadence Design Systems by 73,454.0% during the 2nd quarter. Janus Henderson Group PLC now owns 20,701,780 shares of the software maker’s stock worth $693,303,000 after acquiring an additional 20,673,635 shares during the period. Crossmark Global Holdings Inc. purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth $432,000. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Cadence Design Systems by 15.4% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 41,301 shares of the software maker’s stock worth $1,630,000 after acquiring an additional 5,500 shares during the period. Finally, Graticule Asia Macro Advisors LLC purchased a new position in shares of Cadence Design Systems during the 3rd quarter worth $8,210,000. Institutional investors own 84.63% of the company’s stock.

Cadence Design Systems (NASDAQ CDNS) traded up $0.15 during trading on Wednesday, reaching $45.07. 1,693,100 shares of the company were exchanged, compared to its average volume of 2,195,383. Cadence Design Systems has a 1 year low of $25.42 and a 1 year high of $45.64. The firm has a market cap of $12,740.00, a PE ratio of 48.99, a P/E/G ratio of 3.61 and a beta of 0.94. The company has a quick ratio of 1.72, a current ratio of 1.79 and a debt-to-equity ratio of 0.64.

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

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