Equities research analysts predict that Cadence Design Systems Inc (NASDAQ:CDNS) will report $0.48 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Cadence Design Systems’ earnings, with the lowest EPS estimate coming in at $0.47 and the highest estimate coming in at $0.48. Cadence Design Systems posted earnings per share of $0.39 during the same quarter last year, which indicates a positive year over year growth rate of 23.1%. The business is expected to issue its next earnings results after the market closes on Tuesday, February 19th.
On average, analysts expect that Cadence Design Systems will report full year earnings of $1.82 per share for the current financial year, with EPS estimates ranging from $1.81 to $1.83. For the next financial year, analysts anticipate that the company will post earnings of $1.95 per share, with EPS estimates ranging from $1.86 to $2.02. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that cover Cadence Design Systems.
Several brokerages recently issued reports on CDNS. BidaskClub cut Cadence Design Systems from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. JPMorgan Chase & Co. upgraded shares of Cadence Design Systems from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $49.00 to $51.00 in a research report on Tuesday, October 23rd. Zacks Investment Research downgraded shares of Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 31st. Benchmark upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and set a $51.00 price target on the stock in a research report on Tuesday, October 23rd. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research report on Tuesday, November 20th. They set a “hold” rating and a $50.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $50.75.
Several institutional investors have recently modified their holdings of CDNS. Vanguard Group Inc increased its position in Cadence Design Systems by 1.0% during the third quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock worth $1,471,854,000 after acquiring an additional 324,296 shares during the period. Massachusetts Financial Services Co. MA increased its position in Cadence Design Systems by 0.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 22,592,711 shares of the software maker’s stock worth $1,023,900,000 after acquiring an additional 140,805 shares during the period. BlackRock Inc. increased its position in Cadence Design Systems by 2.0% during the third quarter. BlackRock Inc. now owns 20,689,949 shares of the software maker’s stock worth $937,669,000 after acquiring an additional 402,733 shares during the period. Pictet Asset Management Ltd. increased its position in Cadence Design Systems by 1.9% during the third quarter. Pictet Asset Management Ltd. now owns 5,355,461 shares of the software maker’s stock worth $242,709,000 after acquiring an additional 99,437 shares during the period. Finally, Man Group plc increased its position in Cadence Design Systems by 136.0% during the third quarter. Man Group plc now owns 2,630,238 shares of the software maker’s stock worth $119,202,000 after acquiring an additional 1,515,633 shares during the period. Institutional investors and hedge funds own 87.74% of the company’s stock.
Shares of CDNS traded up $0.65 during mid-day trading on Friday, hitting $48.68. The company’s stock had a trading volume of 1,530,818 shares, compared to its average volume of 1,318,848. The stock has a market capitalization of $13.73 billion, a P/E ratio of 45.92, a P/E/G ratio of 3.23 and a beta of 1.06. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58. Cadence Design Systems has a fifty-two week low of $35.49 and a fifty-two week high of $48.81.
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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