Wall Street analysts expect Cadence Design Systems Inc (NASDAQ:CDNS) to announce $579.07 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Cadence Design Systems’ earnings. The lowest sales estimate is $576.00 million and the highest is $580.50 million. Cadence Design Systems reported sales of $518.39 million in the same quarter last year, which would suggest a positive year over year growth rate of 11.7%. The business is scheduled to issue its next earnings results on Monday, July 22nd.
According to Zacks, analysts expect that Cadence Design Systems will report full year sales of $2.32 billion for the current financial year, with estimates ranging from $2.31 billion to $2.33 billion. For the next year, analysts expect that the company will post sales of $2.47 billion, with estimates ranging from $2.40 billion to $2.49 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, April 22nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.08. Cadence Design Systems had a return on equity of 30.86% and a net margin of 17.91%. The company had revenue of $577.00 million during the quarter, compared to analyst estimates of $569.34 million. During the same quarter in the prior year, the business earned $0.40 earnings per share. Cadence Design Systems’s revenue was up 11.6% on a year-over-year basis.
Shares of CDNS opened at $71.37 on Friday. Cadence Design Systems has a 12 month low of $39.08 and a 12 month high of $73.09. The company has a quick ratio of 1.39, a current ratio of 1.45 and a debt-to-equity ratio of 0.25. The firm has a market cap of $20.08 billion, a PE ratio of 58.02, a price-to-earnings-growth ratio of 4.44 and a beta of 1.15.
In related news, CFO John M. Wall sold 3,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 209,576 shares in the company, valued at approximately $14,093,986. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Aneel Zaman sold 66,808 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $61.77, for a total value of $4,126,730.16. Following the completion of the transaction, the insider now owns 285,961 shares of the company’s stock, valued at approximately $17,663,810.97. The disclosure for this sale can be found here. In the last quarter, insiders have sold 301,645 shares of company stock valued at $19,891,475. Company insiders own 2.34% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc raised its stake in Cadence Design Systems by 1.0% in the 3rd quarter. Vanguard Group Inc now owns 32,476,936 shares of the software maker’s stock worth $1,471,854,000 after acquiring an additional 324,296 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Cadence Design Systems by 1.2% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 22,865,053 shares of the software maker’s stock worth $994,172,000 after acquiring an additional 272,342 shares during the last quarter. BlackRock Inc. raised its stake in Cadence Design Systems by 0.8% in the 1st quarter. BlackRock Inc. now owns 20,544,570 shares of the software maker’s stock worth $1,304,786,000 after acquiring an additional 166,387 shares during the last quarter. Geode Capital Management LLC raised its stake in Cadence Design Systems by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 4,535,500 shares of the software maker’s stock worth $196,926,000 after acquiring an additional 235,512 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Cadence Design Systems by 3.6% in the 4th quarter. Northern Trust Corp now owns 3,403,417 shares of the software maker’s stock worth $147,980,000 after acquiring an additional 117,103 shares during the last quarter. Institutional investors own 87.28% of the company’s stock.
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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