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

Wall Street analysts forecast that Cadence Design Systems, Inc. (NASDAQ:CDNS) will report $640.68 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Cadence Design Systems’ earnings, with the highest sales estimate coming in at $645.60 million and the lowest estimate coming in at $636.20 million. Cadence Design Systems posted sales of $579.60 million during the same quarter last year, which would indicate a positive year over year growth rate of 10.5%. The business is scheduled to announce its next quarterly earnings results after the market closes on Monday, October 19th.

On average, analysts expect that Cadence Design Systems will report full year sales of $2.60 billion for the current fiscal year, with estimates ranging from $2.60 billion to $2.61 billion. For the next financial year, analysts expect that the business will post sales of $2.76 billion, with estimates ranging from $2.67 billion to $2.82 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Cadence Design Systems.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 20th. The software maker reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $638.42 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS.

A number of research analysts have issued reports on CDNS shares. Needham & Company LLC lifted their target price on Cadence Design Systems from $86.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. DA Davidson boosted their price target on Cadence Design Systems from $90.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Royal Bank of Canada boosted their price target on Cadence Design Systems from $101.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, July 21st. Credit Suisse Group restated a “hold” rating and set a $80.00 price target on shares of Cadence Design Systems in a report on Friday, July 17th. Finally, UBS Group boosted their price target on Cadence Design Systems from $91.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $105.55.

Cadence Design Systems stock traded down $0.27 during midday trading on Tuesday, reaching $115.69. The company’s stock had a trading volume of 1,169,020 shares, compared to its average volume of 1,959,212. Cadence Design Systems has a 52 week low of $51.39 and a 52 week high of $118.22. The company has a current ratio of 1.42, a quick ratio of 1.39 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $106.61 and a 200-day moving average price of $95.07. The stock has a market cap of $32.25 billion, a PE ratio of 31.87, a price-to-earnings-growth ratio of 4.47 and a beta of 1.10.

In other Cadence Design Systems news, VP Aneel Zaman sold 1,765 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $111.25, for a total transaction of $196,356.25. Following the sale, the vice president now directly owns 173,444 shares in the company, valued at $19,295,645. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Thomas P. Beckley sold 23,806 shares of the company’s stock in a transaction that occurred on Friday, October 9th. The shares were sold at an average price of $110.00, for a total value of $2,618,660.00. Following the sale, the vice president now owns 269,216 shares in the company, valued at $29,613,760. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 141,569 shares of company stock worth $15,402,667. Company insiders own 2.58% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. boosted its position in shares of Cadence Design Systems by 31.0% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 293,032 shares of the software maker’s stock worth $18,610,000 after purchasing an additional 69,373 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its holdings in shares of Cadence Design Systems by 9.3% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 40,252 shares of the software maker’s stock worth $2,658,000 after purchasing an additional 3,430 shares during the last quarter. FDx Advisors Inc. purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $31,000. Baird Financial Group Inc. purchased a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $327,000. Finally, Mackenzie Financial Corp raised its position in shares of Cadence Design Systems by 208.1% during the 1st quarter. Mackenzie Financial Corp now owns 13,833 shares of the software maker’s stock valued at $914,000 after buying an additional 9,343 shares during the period. 86.11% of the stock is currently owned by institutional investors.

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 logic simulation platform; Palladium, an emulation platform; and Protium, a prototyping platform for chip verification.

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