Cadence Design Systems, Inc. (NASDAQ:CDNS) Expected to Earn Q2 2022 Earnings of $0.62 Per Share

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Research analysts at Griffin Securities boosted their Q2 2022 earnings per share estimates for Cadence Design Systems in a research report issued on Tuesday, October 12th. Griffin Securities analyst J. Vleeschhouwer now anticipates that the software maker will earn $0.62 per share for the quarter, up from their prior estimate of $0.61.

A number of other research firms have also recently commented on CDNS. KeyCorp upped their price objective on Cadence Design Systems from $162.00 to $166.00 and gave the company an “overweight” rating in a research report on Tuesday, July 27th. Wells Fargo & Company set a $137.72 price objective on Cadence Design Systems and gave the stock a “buy” rating in a report on Wednesday, July 14th. Robert W. Baird reissued an “outperform” rating and issued a $144.97 price objective (down previously from $160.00) on shares of Cadence Design Systems in a research report on Tuesday, July 27th. Rosenblatt Securities initiated coverage on Cadence Design Systems in a research report on Friday, September 17th. They set a “buy” rating and a $173.00 price target for the company. Finally, Westpark Capital began coverage on Cadence Design Systems in a research note on Thursday, July 15th. They set a “buy” rating and a $168.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Buy” and an average target price of $150.76.

NASDAQ CDNS opened at $153.50 on Thursday. The company has a quick ratio of 1.47, a current ratio of 1.57 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $157.52 and its 200 day moving average is $142.88. Cadence Design Systems has a twelve month low of $105.93 and a twelve month high of $168.61. The firm has a market capitalization of $42.49 billion, a PE ratio of 63.17, a P/E/G ratio of 5.68 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Sunday, July 25th. The software maker reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.10. The company had revenue of $728.29 million for the quarter, compared to analysts’ expectations of $715.77 million. Cadence Design Systems had a return on equity of 28.93% and a net margin of 23.47%. During the same period last year, the firm posted $0.66 EPS.

In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Friday, July 23rd. The shares were sold at an average price of $143.59, for a total transaction of $143,590.00. Following the sale, the vice president now owns 98,521 shares of the company’s stock, valued at approximately $14,146,630.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Lip Bu Tan sold 50,000 shares of Cadence Design Systems stock in a transaction on Monday, August 16th. The stock was sold at an average price of $151.56, for a total transaction of $7,578,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 131,682 shares of company stock worth $20,815,254. 2.31% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. Neuberger Berman Group LLC increased its position in shares of Cadence Design Systems by 12,032.6% in the 1st quarter. Neuberger Berman Group LLC now owns 1,767,967 shares of the software maker’s stock worth $242,093,000 after purchasing an additional 1,753,395 shares during the last quarter. Putnam Investments LLC increased its position in shares of Cadence Design Systems by 715.9% in the 2nd quarter. Putnam Investments LLC now owns 1,651,721 shares of the software maker’s stock worth $225,989,000 after purchasing an additional 1,449,273 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Cadence Design Systems by 35.0% in the 1st quarter. Janus Henderson Group PLC now owns 3,511,427 shares of the software maker’s stock worth $481,050,000 after purchasing an additional 909,820 shares during the last quarter. FMR LLC increased its position in shares of Cadence Design Systems by 9.9% in the 2nd quarter. FMR LLC now owns 9,797,196 shares of the software maker’s stock worth $1,340,453,000 after purchasing an additional 883,290 shares during the last quarter. Finally, Man Group plc boosted its holdings in shares of Cadence Design Systems by 289.4% in the 2nd quarter. Man Group plc now owns 852,657 shares of the software maker’s stock valued at $116,660,000 after buying an additional 633,667 shares during the period. 83.23% of the stock is owned by institutional investors.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. The company was founded by Alberto Sangiovanni-Vincentelli, Gudmundur A.

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Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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