DA Davidson Weighs in on Cadence Design Systems Inc.’s Q1 2018 Earnings (CDNS)
Cadence Design Systems Inc. (NASDAQ:CDNS) – Research analysts at DA Davidson issued their Q1 2018 earnings estimates for shares of Cadence Design Systems in a report issued on Monday. DA Davidson analyst T. Diffely anticipates that the firm will post earnings per share of $0.22 for the quarter. DA Davidson currently has a “Buy” rating and a $30.00 target price on the stock. DA Davidson also issued estimates for Cadence Design Systems’ Q3 2018 earnings at $0.28 EPS.
Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, July 25th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Cadence Design Systems had a return on equity of 21.48% and a net margin of 14.52%. The firm had revenue of $453 million for the quarter, compared to analysts’ expectations of $449.54 million. During the same period in the previous year, the firm posted $0.27 earnings per share. The business’s revenue was up 8.9% compared to the same quarter last year.
Several other equities research analysts have also commented on the stock. Bank of America Corp. reaffirmed a “buy” rating and issued a $30.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 26th. RBC Capital Markets reaffirmed an “outperform” rating and issued a $29.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 26th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Cadence Design Systems presently has a consensus rating of “Buy” and an average price target of $26.75.
Cadence Design Systems (NASDAQ:CDNS) traded up 0.27% on Thursday, reaching $25.99. The company had a trading volume of 1,456,628 shares. The firm has a market capitalization of $7.60 billion, a P/E ratio of 30.79 and a beta of 1.14. Cadence Design Systems has a 1-year low of $18.32 and a 1-year high of $26.45. The company’s 50-day moving average price is $25.29 and its 200 day moving average price is $24.53.
In related news, insider Thomas P. Beckley sold 58,646 shares of the company’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $25.00, for a total transaction of $1,466,150.00. Following the completion of the transaction, the insider now owns 305,048 shares in the company, valued at approximately $7,626,200. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director George Scalise sold 5,000 shares of the company’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $25.27, for a total transaction of $126,350.00. Following the transaction, the director now owns 38,579 shares of the company’s stock, valued at approximately $974,891.33. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janus Capital Management LLC increased its position in Cadence Design Systems by 2.7% in the second quarter. Janus Capital Management LLC now owns 24,933,485 shares of the company’s stock valued at $605,884,000 after buying an additional 661,125 shares during the period. Vanguard Group Inc. increased its stake in Cadence Design Systems by 4.4% in the second quarter. Vanguard Group Inc. now owns 23,490,462 shares of the company’s stock worth $570,818,000 after buying an additional 983,954 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Cadence Design Systems by 1.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 21,992,313 shares of the company’s stock worth $534,413,000 after buying an additional 262,224 shares during the last quarter. BlackRock Fund Advisors increased its stake in Cadence Design Systems by 16.4% in the second quarter. BlackRock Fund Advisors now owns 12,744,431 shares of the company’s stock worth $309,690,000 after buying an additional 1,794,226 shares during the last quarter. Finally, State Street Corp increased its stake in Cadence Design Systems by 18.7% in the second quarter. State Street Corp now owns 9,325,823 shares of the company’s stock worth $226,621,000 after buying an additional 1,469,338 shares during the last quarter. Hedge funds and other institutional investors own 85.57% of the company’s stock.
About Cadence Design Systems
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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