Equities research analysts expect Cadence Design Systems Inc (NASDAQ:CDNS) to announce $596.43 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Cadence Design Systems’ earnings. The lowest sales estimate is $594.09 million and the highest is $598.20 million. Cadence Design Systems reported sales of $569.85 million during the same quarter last year, which suggests a positive year-over-year growth rate of 4.7%. The firm is scheduled to issue its next quarterly earnings results after the market closes on Wednesday, February 12th.
On average, analysts expect that Cadence Design Systems will report full-year sales of $2.33 billion for the current financial year, with estimates ranging from $2.33 billion to $2.34 billion. For the next year, analysts expect that the firm will post sales of $2.49 billion, with estimates ranging from $2.48 billion to $2.50 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Cadence Design Systems.
Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, October 21st. The software maker reported $0.54 earnings per share for the quarter, beating the 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 analysts’ expectations of $576.33 million. During the same period in the prior year, the business earned $0.49 earnings per share. Cadence Design Systems’s revenue for the quarter was up 8.9% compared to the same quarter last year.
In other Cadence Design Systems news, CEO Lip Bu Tan sold 40,000 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $67.21, for a total value of $2,688,400.00. Following the transaction, the chief executive officer now owns 888,272 shares of the company’s stock, valued at $59,700,761.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO John M. Wall sold 3,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $65.79, for a total value of $197,370.00. Following the sale, the chief financial officer now owns 197,625 shares in the company, valued at approximately $13,001,748.75. The disclosure for this sale can be found here. Insiders have sold a total of 267,486 shares of company stock valued at $18,647,763 over the last three months. 2.34% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Cadence Design Systems by 11.0% in the second quarter. BlackRock Inc. now owns 22,809,519 shares of the software maker’s stock worth $1,615,142,000 after acquiring an additional 2,264,949 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Cadence Design Systems by 49.3% during the second quarter. AQR Capital Management LLC now owns 6,280,165 shares of the software maker’s stock worth $440,805,000 after buying an additional 2,072,953 shares during the period. Nuveen Asset Management LLC boosted its position in shares of Cadence Design Systems by 401.2% during the second quarter. Nuveen Asset Management LLC now owns 1,795,416 shares of the software maker’s stock worth $127,133,000 after buying an additional 1,437,212 shares during the period. Millennium Management LLC grew its holdings in shares of Cadence Design Systems by 363.1% during the third quarter. Millennium Management LLC now owns 892,964 shares of the software maker’s stock worth $59,007,000 after buying an additional 700,149 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Cadence Design Systems by 75.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,494,456 shares of the software maker’s stock worth $105,822,000 after buying an additional 642,566 shares in the last quarter. Institutional investors own 85.74% of the company’s stock.
CDNS stock traded up $0.39 during midday trading on Monday, hitting $72.44. The stock had a trading volume of 18,668 shares, compared to its average volume of 1,324,793. The firm has a market capitalization of $20.19 billion, a price-to-earnings ratio of 58.96, a P/E/G ratio of 4.31 and a beta of 1.15. Cadence Design Systems has a 52 week low of $44.97 and a 52 week high of $77.08. The stock has a 50-day simple moving average of $69.63 and a 200 day simple moving average of $69.02. The company has a current ratio of 1.70, a quick ratio of 1.59 and a debt-to-equity ratio of 0.23.
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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