Brokerages Anticipate Cadence Design Systems Inc (NASDAQ:CDNS) to Announce $0.53 EPS

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Equities analysts expect Cadence Design Systems Inc (NASDAQ:CDNS) to report earnings of $0.53 per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Cadence Design Systems’ earnings, with the highest EPS estimate coming in at $0.53 and the lowest estimate coming in at $0.52. Cadence Design Systems reported earnings of $0.52 per share during the same quarter last year, which would indicate a positive year over year growth rate of 1.9%. The business is scheduled to issue its next quarterly earnings results on Tuesday, February 18th.

According to Zacks, analysts expect that Cadence Design Systems will report full-year earnings of $2.19 per share for the current financial year, with EPS estimates ranging from $2.18 to $2.20. For the next year, analysts anticipate that the company will report earnings of $2.34 per share, with EPS estimates ranging from $2.30 to $2.38. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that follow Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $579.60 million during the quarter, compared to analysts’ expectations of $576.33 million. Cadence Design Systems had a net margin of 18.54% and a return on equity of 30.74%. The business’s revenue was up 8.9% on a year-over-year basis. During the same period last year, the firm posted $0.49 earnings per share.

Several research firms have recently issued reports on CDNS. Wells Fargo & Co upgraded shares of Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Friday, October 11th. Credit Suisse Group reiterated a “neutral” rating and issued a $75.00 price objective (up from $70.00) on shares of Cadence Design Systems in a report on Tuesday, October 22nd. JPMorgan Chase & Co. decreased their price objective on shares of Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Bank of America began coverage on shares of Cadence Design Systems in a report on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price objective for the company. Finally, ValuEngine cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $74.38.

Shares of Cadence Design Systems stock traded up $0.71 on Wednesday, hitting $65.93. The company had a trading volume of 1,712,422 shares, compared to its average volume of 1,956,398. The business has a 50-day simple moving average of $66.88 and a 200-day simple moving average of $68.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.59. The company has a market cap of $19.71 billion, a PE ratio of 53.60, a PEG ratio of 4.41 and a beta of 1.16. Cadence Design Systems has a 52 week low of $40.31 and a 52 week high of $77.08.

In related news, CEO Lip Bu Tan sold 50,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $68.83, for a total transaction of $3,441,500.00. Also, VP Chin-Chi Teng sold 4,000 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $65.00, for a total transaction of $260,000.00. Following the sale, the vice president now directly owns 184,545 shares of the company’s stock, valued at $11,995,425. The disclosure for this sale can be found here. Over the last three months, insiders have sold 181,027 shares of company stock valued at $12,183,176. Company insiders own 2.34% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Advisor Partners LLC lifted its position in shares of Cadence Design Systems by 4.0% in the 2nd quarter. Advisor Partners LLC now owns 3,492 shares of the software maker’s stock valued at $247,000 after acquiring an additional 133 shares in the last quarter. Greenleaf Trust lifted its position in shares of Cadence Design Systems by 1.3% in the 2nd quarter. Greenleaf Trust now owns 11,208 shares of the software maker’s stock valued at $794,000 after acquiring an additional 144 shares in the last quarter. Shine Investment Advisory Services Inc. lifted its position in shares of Cadence Design Systems by 50.5% in the 3rd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock valued at $30,000 after acquiring an additional 152 shares in the last quarter. Wetherby Asset Management Inc. lifted its position in shares of Cadence Design Systems by 2.3% in the 3rd quarter. Wetherby Asset Management Inc. now owns 6,886 shares of the software maker’s stock valued at $455,000 after acquiring an additional 157 shares in the last quarter. Finally, Shilanski & Associates Inc. lifted its position in shares of Cadence Design Systems by 1.6% in the 3rd quarter. Shilanski & Associates Inc. now owns 10,969 shares of the software maker’s stock valued at $725,000 after acquiring an additional 174 shares in the last quarter. 85.75% of the stock is owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

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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