Cadence Design Systems Inc (NASDAQ:CDNS) Expected to Post Quarterly Sales of $640.68 Million

Wall Street analysts expect that Cadence Design Systems Inc (NASDAQ:CDNS) will post $640.68 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Cadence Design Systems’ earnings. The highest sales estimate is $645.60 million and the lowest is $636.20 million. Cadence Design Systems reported sales of $579.60 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 10.5%. The company is expected to issue its next earnings results on Monday, October 19th.

On average, analysts expect that Cadence Design Systems will report full year sales of $2.60 billion for the current financial year, with estimates ranging from $2.60 billion to $2.61 billion. For the next year, analysts anticipate that the business will report sales of $2.76 billion, with estimates ranging from $2.67 billion to $2.82 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 20th. The software maker reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The business had revenue of $638.42 million during the quarter, compared to analyst estimates of $591.09 million. Cadence Design Systems had a net margin of 41.74% and a return on equity of 50.84%. Cadence Design Systems’s revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 EPS.

A number of research analysts have recently commented on CDNS shares. Wells Fargo & Company boosted their price target on shares of Cadence Design Systems from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. DA Davidson lifted their price objective on shares of Cadence Design Systems from $90.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. UBS Group started coverage on shares of Cadence Design Systems in a report on Wednesday, May 27th. They set a “neutral” rating and a $91.00 price objective for the company. BidaskClub raised shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Friday, September 4th. Finally, Robert W. Baird lifted their price objective on shares of Cadence Design Systems from $110.00 to $117.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $102.45.

In other Cadence Design Systems news, President Anirudh Devgan sold 150,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $97.00, for a total value of $14,550,000.00. Following the sale, the president now owns 406,567 shares in the company, valued at $39,436,999. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Aneel Zaman sold 26,490 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $107.43, for a total transaction of $2,845,820.70. Following the completion of the sale, the vice president now owns 184,455 shares in the company, valued at approximately $19,816,000.65. The disclosure for this sale can be found here. Insiders have sold 317,763 shares of company stock worth $32,283,007 in the last quarter. 2.58% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CDNS. Lloyd Advisory Services LLC. purchased a new stake in Cadence Design Systems in the second quarter worth about $26,000. Allworth Financial LP purchased a new stake in Cadence Design Systems in the second quarter worth about $29,000. FDx Advisors Inc. purchased a new stake in Cadence Design Systems in the first quarter worth about $31,000. Global Retirement Partners LLC purchased a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $38,000. Finally, Bay Harbor Wealth Management LLC purchased a new stake in shares of Cadence Design Systems during the second quarter valued at approximately $41,000. Institutional investors and hedge funds own 86.11% of the company’s stock.

CDNS opened at $101.92 on Friday. The company has a fifty day moving average price of $107.24 and a 200-day moving average price of $89.42. The firm has a market capitalization of $28.67 billion, a P/E ratio of 28.33, a price-to-earnings-growth ratio of 3.86 and a beta of 1.08. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.42 and a quick ratio of 1.39. Cadence Design Systems has a one year low of $51.39 and a one year high of $117.59.

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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