Zacks: Brokerages Expect Cadence Design Systems Inc (NASDAQ:CDNS) Will Post Earnings of $0.53 Per Share

Equities research analysts forecast that Cadence Design Systems Inc (NASDAQ:CDNS) will post $0.53 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made estimates for Cadence Design Systems’ earnings, with the highest EPS estimate coming in at $0.54 and the lowest estimate coming in at $0.53. Cadence Design Systems posted earnings per share of $0.45 in the same quarter last year, which would suggest a positive year over year growth rate of 17.8%. The company is expected to announce its next quarterly earnings report after the market closes on Monday, July 22nd.

According to Zacks, analysts expect that Cadence Design Systems will report full-year earnings of $2.10 per share for the current year, with EPS estimates ranging from $2.08 to $2.10. For the next year, analysts anticipate that the firm will report earnings of $2.26 per share, with EPS estimates ranging from $2.18 to $2.30. Zacks’ EPS calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.08. The business had revenue of $577.00 million during the quarter, compared to analysts’ expectations of $569.34 million. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 EPS.



Several equities research analysts recently commented on CDNS shares. DA Davidson reissued a “neutral” rating on shares of Bank of Marin Bancorp in a research note on Tuesday, April 23rd. Needham & Company LLC boosted their price target on Lam Research from $180.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Wells Fargo & Co started coverage on Semtech in a research note on Tuesday, May 14th. They issued an “outperform” rating and a $48.03 price target for the company. Royal Bank of Canada set a €18.50 ($21.51) price target on ENI and gave the company a “neutral” rating in a research note on Tuesday, April 23rd. Finally, Credit Suisse Group raised United Microelectronics from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 24th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Cadence Design Systems has a consensus rating of “Buy” and a consensus price target of $59.44.

In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $75.12, for a total transaction of $3,004,800.00. Following the completion of the sale, the chief executive officer now owns 899,852 shares of the company’s stock, valued at $67,596,882.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John M. Wall sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $67.25, for a total value of $201,750.00. Following the sale, the chief financial officer now directly owns 209,576 shares of the company’s stock, valued at approximately $14,093,986. The disclosure for this sale can be found here. Insiders have sold 182,371 shares of company stock valued at $12,821,440 in the last ninety days. Company insiders own 2.34% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in shares of Cadence Design Systems by 0.8% in the first quarter. BlackRock Inc. now owns 20,544,570 shares of the software maker’s stock valued at $1,304,786,000 after acquiring an additional 166,387 shares during the period. Geode Capital Management LLC boosted its position in shares of Cadence Design Systems by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 4,535,500 shares of the software maker’s stock valued at $196,926,000 after acquiring an additional 235,512 shares during the period. Millennium Management LLC boosted its position in shares of Cadence Design Systems by 79.8% in the fourth quarter. Millennium Management LLC now owns 2,695,739 shares of the software maker’s stock valued at $117,211,000 after acquiring an additional 1,196,155 shares during the period. Bank of Montreal Can boosted its position in shares of Cadence Design Systems by 32.2% in the first quarter. Bank of Montreal Can now owns 2,345,436 shares of the software maker’s stock valued at $148,958,000 after acquiring an additional 571,924 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Cadence Design Systems by 3.0% in the first quarter. Acadian Asset Management LLC now owns 2,005,276 shares of the software maker’s stock valued at $127,355,000 after acquiring an additional 59,088 shares during the period. 87.17% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ CDNS traded down $1.80 during trading hours on Friday, hitting $72.92. The stock had a trading volume of 2,148,120 shares, compared to its average volume of 1,877,293. The firm has a market capitalization of $21.00 billion, a P/E ratio of 59.28, a P/E/G ratio of 4.64 and a beta of 1.16. The company’s 50-day moving average price is $70.45. Cadence Design Systems has a 52 week low of $39.08 and a 52 week high of $75.60. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.25.

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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