Brokerages predict that Cadence Design Systems, Inc. (NASDAQ:CDNS) will report sales of $482.36 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Cadence Design Systems’ earnings, with estimates ranging from $480.04 million to $485.00 million. Cadence Design Systems reported sales of $446.22 million in the same quarter last year, which indicates a positive year-over-year growth rate of 8.1%. The firm is scheduled to announce its next quarterly earnings report on Monday, October 23rd.
On average, analysts expect that Cadence Design Systems will report full year sales of $482.36 million for the current year, with estimates ranging from $1.93 billion to $1.95 billion. For the next year, analysts forecast that the firm will post sales of $2.06 billion per share, with estimates ranging from $2.05 billion to $2.06 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 24th. The software maker reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.02. Cadence Design Systems had a net margin of 12.86% and a return on equity of 27.81%. The business had revenue of $479 million for the quarter, compared to the consensus estimate of $476.21 million. During the same period last year, the firm earned $0.29 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis.
In related news, VP James J. Cowie sold 44,000 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $33.09, for a total value of $1,455,960.00. Following the completion of the transaction, the vice president now directly owns 137,332 shares in the company, valued at approximately $4,544,315.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Aneel Zaman sold 29,406 shares of the business’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $32.62, for a total transaction of $959,223.72. Following the completion of the transaction, the insider now owns 247,495 shares of the company’s stock, valued at $8,073,286.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 434,656 shares of company stock valued at $14,786,334. Company insiders own 2.55% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Creative Planning boosted its position in Cadence Design Systems by 242.2% in the second quarter. Creative Planning now owns 3,282 shares of the software maker’s stock valued at $110,000 after buying an additional 2,323 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Cadence Design Systems by 0.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,370 shares of the software maker’s stock valued at $200,000 after buying an additional 31 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new position in Cadence Design Systems during the first quarter valued at about $205,000. Atria Investments LLC purchased a new position in Cadence Design Systems during the second quarter valued at about $231,000. Finally, Janney Capital Management LLC purchased a new position in Cadence Design Systems during the first quarter valued at about $225,000. Hedge funds and other institutional investors own 86.46% of the company’s stock.
Cadence Design Systems (NASDAQ CDNS) traded down 0.30% on Friday, reaching $36.90. 1,744,013 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $34.61 and a 200 day moving average price of $32.12. The stock has a market cap of $10.34 billion, a price-to-earnings ratio of 42.91 and a beta of 0.93. Cadence Design Systems has a 12-month low of $23.83 and a 12-month high of $37.51.
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Cadence Design Systems Company Profile
Cadence Design Systems, Inc provides solutions that enable its customers to design electronic products. The Company’s product categories include Functional Verification, Digital integrated circuits (IC) Design and Signoff, Custom IC Design and Verification, System Interconnect and Analysis, and intellectual property (IP).
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