Analysts predict that Cadence Design Systems Inc (NASDAQ:CDNS) will post $567.11 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Cadence Design Systems’ earnings, with estimates ranging from $566.20 million to $568.02 million. Cadence Design Systems posted sales of $517.31 million in the same quarter last year, which suggests a positive year-over-year growth rate of 9.6%. The business is scheduled to issue its next earnings results after the market closes on Monday, April 22nd.

On average, analysts expect that Cadence Design Systems will report full year sales of $2.28 billion for the current financial year, with estimates ranging from $2.27 billion to $2.29 billion. For the next fiscal year, analysts forecast that the company will report sales of $2.41 billion, with estimates ranging from $2.38 billion to $2.45 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Tuesday, February 19th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The company had revenue of $569.90 million for the quarter, compared to analyst estimates of $550.22 million. Cadence Design Systems had a return on equity of 28.36% and a net margin of 16.17%. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS.

A number of analysts have issued reports on CDNS shares. Needham & Company LLC raised their target price on Cadence Design Systems to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, February 20th. DA Davidson increased their price target on shares of Cadence Design Systems to $62.00 and gave the company a “buy” rating in a report on Wednesday, February 20th. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Tuesday, February 5th. Zacks Investment Research cut shares of Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a report on Monday, December 31st. Finally, ValuEngine raised shares of Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 23rd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and three have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $54.88.

Shares of CDNS traded down $0.60 during midday trading on Monday, reaching $63.37. The company had a trading volume of 2,858,782 shares, compared to its average volume of 1,923,588. Cadence Design Systems has a 1-year low of $36.65 and a 1-year high of $65.64. The company has a market capitalization of $17.99 billion, a PE ratio of 51.52, a price-to-earnings-growth ratio of 3.87 and a beta of 1.11. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.27.

In related news, insider Thomas P. Beckley sold 23,208 shares of the business’s stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $48.00, for a total value of $1,113,984.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 100,000 shares of the business’s stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $48.05, for a total transaction of $4,805,000.00. The disclosure for this sale can be found here. Insiders have sold 392,227 shares of company stock worth $21,982,062 over the last ninety days. Insiders own 2.34% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. JNBA Financial Advisors bought a new stake in Cadence Design Systems during the 4th quarter worth approximately $39,000. Lindbrook Capital LLC bought a new position in shares of Cadence Design Systems during the 4th quarter valued at $52,000. Bessemer Group Inc. grew its holdings in shares of Cadence Design Systems by 51.9% during the 4th quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock valued at $59,000 after purchasing an additional 459 shares during the last quarter. Covington Capital Management grew its holdings in shares of Cadence Design Systems by 27.3% during the 4th quarter. Covington Capital Management now owns 1,400 shares of the software maker’s stock valued at $61,000 after purchasing an additional 300 shares during the last quarter. Finally, North Star Investment Management Corp. boosted its position in Cadence Design Systems by 80.8% during the 4th quarter. North Star Investment Management Corp. now owns 1,835 shares of the software maker’s stock valued at $80,000 after buying an additional 820 shares during the period. 87.65% of the stock is owned by hedge funds and other institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks 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, an enterprise emulation platform; and Protium S1 field-programmable gate array prototyping platform.

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