Cadence Design Systems Inc (NASDAQ:CDNS) Expected to Announce Earnings of $0.53 Per Share

Analysts expect that Cadence Design Systems Inc (NASDAQ:CDNS) will report earnings of $0.53 per share for the current fiscal quarter, according to Zacks. Four analysts have provided 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 posted earnings of $0.52 per share in the same quarter last year, which indicates a positive year over year growth rate of 1.9%. The firm is expected to announce its next earnings report on Tuesday, February 18th.

On average, 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 expect that the company will post earnings of $2.34 per share, with EPS estimates ranging from $2.30 to $2.38. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow Cadence Design Systems.

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

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Cadence Design Systems from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Wells Fargo & Co raised Cadence Design Systems from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Friday, October 11th. Bank of America assumed coverage on Cadence Design Systems in a research note on Monday, September 23rd. They issued a “neutral” rating and a $73.00 price objective for the company. ValuEngine downgraded Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. Five 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 company. The stock has a consensus 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 stock had a trading volume of 1,712,422 shares, compared to its average volume of 1,956,398. The stock has a 50 day moving average of $66.88 and a 200 day moving average of $68.41. Cadence Design Systems has a twelve month low of $40.31 and a twelve month high of $77.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.59 and a current ratio of 1.70. The firm has a market capitalization of $19.71 billion, a P/E ratio of 53.60, a PEG ratio of 4.41 and a beta of 1.16.

In other Cadence Design Systems news, 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 completion of the sale, the vice president now owns 184,545 shares of the company’s stock, valued at approximately $11,995,425. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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. Insiders have sold a total of 181,027 shares of company stock valued at $12,183,176 in the last three months. Insiders own 2.34% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in CDNS. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth approximately $26,000. Altshuler Shaham Ltd grew its position in shares of Cadence Design Systems by 109.2% during the 2nd quarter. Altshuler Shaham Ltd now owns 385 shares of the software maker’s stock worth $27,000 after buying an additional 201 shares during the period. Next Capital Management LLC acquired a new stake in shares of Cadence Design Systems during the 2nd quarter worth approximately $29,000. Shine Investment Advisory Services Inc. grew its position in shares of Cadence Design Systems by 50.5% during the 3rd quarter. Shine Investment Advisory Services Inc. now owns 453 shares of the software maker’s stock worth $30,000 after buying an additional 152 shares during the period. Finally, CWM LLC grew its position in shares of Cadence Design Systems by 217.9% during the 2nd quarter. CWM LLC now owns 445 shares of the software maker’s stock worth $32,000 after buying an additional 305 shares during the period. 85.75% of the stock is owned by institutional investors and hedge funds.

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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