Zacks: Analysts Anticipate Cadence Design Systems Inc (CDNS) to Announce $0.50 EPS

Share on StockTwits

Equities research analysts predict that Cadence Design Systems Inc (NASDAQ:CDNS) will post earnings per share of $0.50 for the current quarter, Zacks reports. Two analysts have provided estimates for Cadence Design Systems’ earnings, with estimates ranging from $0.49 to $0.50. Cadence Design Systems reported earnings per share of $0.40 in the same quarter last year, which suggests a positive year over year growth rate of 25%. The business is scheduled to announce its next quarterly earnings results after the market closes on Monday, April 22nd.

According to Zacks, analysts expect that Cadence Design Systems will report full year earnings of $2.05 per share for the current fiscal year, with EPS estimates ranging from $2.03 to $2.05. For the next year, analysts anticipate that the firm will report earnings of $2.21 per share, with EPS estimates ranging from $2.13 to $2.27. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that cover Cadence Design Systems.

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

CDNS has been the subject of several research analyst reports. Zacks Investment Research cut Cadence Design Systems from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 31st. BidaskClub cut Cadence Design Systems from a “strong-buy” rating to a “buy” rating in a research report on Friday. DA Davidson increased their target price on Cadence Design Systems to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, February 20th. ValuEngine upgraded Cadence Design Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 23rd. Finally, Needham & Company LLC increased their target price on Cadence Design Systems from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Cadence Design Systems has a consensus rating of “Buy” and a consensus price target of $54.88.

Shares of NASDAQ CDNS traded down $0.60 during trading on Friday, hitting $63.37. The company had a trading volume of 3,021,871 shares, compared to its average volume of 1,923,588. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.27. Cadence Design Systems has a 12 month low of $36.65 and a 12 month high of $65.64. The company has a market capitalization of $17.82 billion, a P/E ratio of 51.52, a price-to-earnings-growth ratio of 3.87 and a beta of 1.11.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $64.98, for a total transaction of $2,599,200.00. Following the completion of the transaction, the chief executive officer now owns 859,852 shares in the company, valued at approximately $55,873,182.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Aneel Zaman sold 66,808 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $61.77, for a total value of $4,126,730.16. Following the transaction, the insider now owns 285,961 shares of the company’s stock, valued at approximately $17,663,810.97. The disclosure for this sale can be found here. Insiders have sold 392,227 shares of company stock valued at $21,982,062 in the last quarter. 2.34% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Strs Ohio grew its holdings in Cadence Design Systems by 19.0% during the 1st quarter. Strs Ohio now owns 43,664 shares of the software maker’s stock valued at $2,773,000 after buying an additional 6,964 shares in the last quarter. Bowling Portfolio Management LLC purchased a new position in Cadence Design Systems during the 1st quarter valued at approximately $1,282,000. Oakbrook Investments LLC grew its holdings in Cadence Design Systems by 4.6% during the 1st quarter. Oakbrook Investments LLC now owns 30,740 shares of the software maker’s stock valued at $1,952,000 after buying an additional 1,350 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in Cadence Design Systems by 16.5% during the 1st quarter. IFM Investors Pty Ltd now owns 18,856 shares of the software maker’s stock valued at $1,198,000 after buying an additional 2,668 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC grew its holdings in Cadence Design Systems by 54.1% during the 1st quarter. Quantitative Systematic Strategies LLC now owns 16,065 shares of the software maker’s stock valued at $1,020,000 after buying an additional 5,641 shares in the last quarter. Institutional investors and hedge funds own 87.65% of the company’s stock.

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.

Recommended Story: Why is insider trading harmful?

Get a free copy of the Zacks research report on Cadence Design Systems (CDNS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

Abercrombie & Fitch  Stock Rating Upgraded by Zacks Investment Research
Abercrombie & Fitch Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research Downgrades Manchester United  to Hold
Zacks Investment Research Downgrades Manchester United to Hold
Lanxess  Given a €70.00 Price Target at Deutsche Bank
Lanxess Given a €70.00 Price Target at Deutsche Bank
Comparing SGOCO Group  & Harmonic
Comparing SGOCO Group & Harmonic
FleetCor Technologies  Sets New 52-Week High at $274.99
FleetCor Technologies Sets New 52-Week High at $274.99
JinkoSolar  Given a $24.00 Price Target by Roth Capital Analysts
JinkoSolar Given a $24.00 Price Target by Roth Capital Analysts


© 2006-2019 Ticker Report