$550.82 Million in Sales Expected for Cadence Design Systems Inc (CDNS) This Quarter

Brokerages forecast that Cadence Design Systems Inc (NASDAQ:CDNS) will post $550.82 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Cadence Design Systems’ earnings, with the lowest sales estimate coming in at $549.49 million and the highest estimate coming in at $552.40 million. Cadence Design Systems posted sales of $501.72 million in the same quarter last year, which suggests a positive year over year growth rate of 9.8%. The business is scheduled to issue its next earnings report on Wednesday, January 30th.

On average, analysts expect that Cadence Design Systems will report full-year sales of $2.12 billion for the current year. For the next year, analysts forecast that the business will report sales of $2.24 billion, with estimates ranging from $2.20 billion to $2.28 billion. Zacks’ sales calculations are an average based on a survey of analysts that cover Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 22nd. The software maker reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.08. The company had revenue of $532.47 million for the quarter, compared to analyst estimates of $516.50 million. Cadence Design Systems had a return on equity of 28.44% and a net margin of 11.25%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share.

A number of equities analysts recently commented on CDNS shares. BidaskClub lowered Cadence Design Systems from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. JPMorgan Chase & Co. upgraded Cadence Design Systems from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $49.00 to $51.00 in a report on Tuesday, October 23rd. Berenberg Bank started coverage on Cadence Design Systems in a report on Tuesday, November 20th. They issued a “hold” rating and a $50.00 target price for the company. Finally, Zacks Investment Research downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a report on Tuesday, September 25th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Cadence Design Systems has an average rating of “Buy” and an average price target of $50.75.

Shares of Cadence Design Systems stock traded up $0.92 during midday trading on Wednesday, reaching $45.04. The company had a trading volume of 1,990,126 shares, compared to its average volume of 1,552,263. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.64 and a quick ratio of 1.58. The firm has a market cap of $12.45 billion, a P/E ratio of 42.49, a P/E/G ratio of 3.16 and a beta of 1.12. Cadence Design Systems has a fifty-two week low of $35.49 and a fifty-two week high of $47.40.

In other news, VP James J. Cowie sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, October 25th. The stock was sold at an average price of $45.99, for a total transaction of $2,759,400.00. Following the completion of the sale, the vice president now owns 106,949 shares in the company, valued at $4,918,584.51. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Lip Bu Tan sold 5,469 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $46.10, for a total value of $252,120.90. Following the sale, the chief executive officer now owns 424,566 shares of the company’s stock, valued at approximately $19,572,492.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 213,471 shares of company stock valued at $9,763,272. 2.55% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP increased its holdings in shares of Cadence Design Systems by 31.0% during the third quarter. First Trust Advisors LP now owns 2,332,181 shares of the software maker’s stock valued at $105,694,000 after acquiring an additional 551,793 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Cadence Design Systems by 1.7% during the third quarter. Nisa Investment Advisors LLC now owns 75,528 shares of the software maker’s stock valued at $3,423,000 after acquiring an additional 1,296 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cadence Design Systems by 0.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,143,858 shares of the software maker’s stock valued at $49,540,000 after acquiring an additional 6,029 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Cadence Design Systems by 15.6% during the third quarter. Bank of Montreal Can now owns 828,612 shares of the software maker’s stock valued at $37,552,000 after acquiring an additional 111,565 shares in the last quarter. Finally, Raymond James & Associates increased its holdings in shares of Cadence Design Systems by 122.3% during the second quarter. Raymond James & Associates now owns 121,288 shares of the software maker’s stock valued at $5,253,000 after acquiring an additional 66,730 shares in the last quarter. Hedge funds and other institutional investors own 88.26% of the company’s stock.

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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