Wall Street brokerages expect Cadence Design Systems Inc (NASDAQ:CDNS) to announce $579.07 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Cadence Design Systems’ earnings, with the highest sales estimate coming in at $580.50 million and the lowest estimate coming in at $576.00 million. Cadence Design Systems posted sales of $518.39 million in the same quarter last year, which suggests a positive year over year growth rate of 11.7%. The firm is expected to report its next quarterly earnings report after the market closes on Monday, July 22nd.
On average, analysts expect that Cadence Design Systems will report full year sales of $2.32 billion for the current financial year, with estimates ranging from $2.31 billion to $2.33 billion. For the next financial year, analysts expect that the business will report sales of $2.47 billion, with estimates ranging from $2.40 billion to $2.49 billion. Zacks’ sales averages are an average based on a survey of analysts that cover Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.08. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The firm had revenue of $577.00 million during the quarter, compared to the consensus estimate of $569.34 million. During the same quarter in the prior year, the company earned $0.40 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year.
Several analysts recently weighed in on CDNS shares. BidaskClub downgraded Zynga from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. DA Davidson restated a “neutral” rating on shares of Bank of Marin Bancorp in a research note on Tuesday, April 23rd. Wells Fargo & Co started coverage on Semtech in a research note on Tuesday, May 14th. They set an “outperform” rating and a $48.03 target price for the company. KeyCorp increased their target price on Ingersoll-Rand from $112.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, April 10th. Finally, Credit Suisse Group upgraded United Microelectronics from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 24th. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the stock. Cadence Design Systems presently has an average rating of “Buy” and an average price target of $59.44.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $75.12, for a total value of $3,004,800.00. Following the completion of the transaction, the chief executive officer now owns 899,852 shares of the company’s stock, valued at approximately $67,596,882.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Aneel Zaman sold 5,136 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $63.35, for a total value of $325,365.60. Following the completion of the transaction, the insider now directly owns 247,262 shares of the company’s stock, valued at approximately $15,664,047.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 182,371 shares of company stock valued at $12,821,440. Insiders own 2.34% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Harvest Group Wealth Management LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter worth approximately $37,000. Parallel Advisors LLC raised its holdings in shares of Cadence Design Systems by 29.4% in the 1st quarter. Parallel Advisors LLC now owns 718 shares of the software maker’s stock worth $46,000 after buying an additional 163 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Cadence Design Systems by 51.9% in the 4th quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock worth $59,000 after buying an additional 459 shares in the last quarter. Covington Capital Management raised its holdings in shares of Cadence Design Systems by 27.3% in the 4th quarter. Covington Capital Management now owns 1,400 shares of the software maker’s stock worth $61,000 after buying an additional 300 shares in the last quarter. Finally, Captrust Financial Advisors raised its holdings in shares of Cadence Design Systems by 208.4% in the 4th quarter. Captrust Financial Advisors now owns 2,008 shares of the software maker’s stock worth $87,000 after buying an additional 1,357 shares in the last quarter. 87.17% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:CDNS traded down $1.80 during mid-day trading on Monday, hitting $72.92. 2,148,120 shares of the company’s stock traded hands, compared to its average volume of 1,877,293. The firm’s 50 day moving average price is $70.45. Cadence Design Systems has a 12 month low of $39.08 and a 12 month high of $75.60. The company has a market capitalization of $21.00 billion, a price-to-earnings ratio of 59.28, a price-to-earnings-growth ratio of 4.64 and a beta of 1.16. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.25.
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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