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Cadence Design Systems (CDNS) Stock Moves -0.12%: What You Should Know
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The latest trading session saw Cadence Design Systems (CDNS - Free Report) ending at $234.77, denoting a -0.12% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.13%. Elsewhere, the Dow saw a downswing of 0.03%, while the tech-heavy Nasdaq depreciated by 0.12%.
Prior to today's trading, shares of the maker of hardware and software products for validating chip designs had lost 4.72% over the past month. This has was narrower than the Computer and Technology sector's loss of 5.08% and the S&P 500's loss of 5.53% in that time.
The upcoming earnings release of Cadence Design Systems will be of great interest to investors. The company's earnings per share (EPS) are projected to be $1.21, reflecting a 14.15% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $1 billion, up 10.9% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $5.09 per share and a revenue of $4.08 billion, demonstrating changes of +19.2% and +14.49%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Cadence Design Systems. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Cadence Design Systems is holding a Zacks Rank of #2 (Buy) right now.
In the context of valuation, Cadence Design Systems is at present trading with a Forward P/E ratio of 46.22. This signifies a premium in comparison to the average Forward P/E of 27.59 for its industry.
Meanwhile, CDNS's PEG ratio is currently 2.52. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Computer - Software industry had an average PEG ratio of 2.2.
The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 153, finds itself in the bottom 40% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Cadence Design Systems (CDNS) Stock Moves -0.12%: What You Should Know
The latest trading session saw Cadence Design Systems (CDNS - Free Report) ending at $234.77, denoting a -0.12% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.13%. Elsewhere, the Dow saw a downswing of 0.03%, while the tech-heavy Nasdaq depreciated by 0.12%.
Prior to today's trading, shares of the maker of hardware and software products for validating chip designs had lost 4.72% over the past month. This has was narrower than the Computer and Technology sector's loss of 5.08% and the S&P 500's loss of 5.53% in that time.
The upcoming earnings release of Cadence Design Systems will be of great interest to investors. The company's earnings per share (EPS) are projected to be $1.21, reflecting a 14.15% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $1 billion, up 10.9% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $5.09 per share and a revenue of $4.08 billion, demonstrating changes of +19.2% and +14.49%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Cadence Design Systems. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Cadence Design Systems is holding a Zacks Rank of #2 (Buy) right now.
In the context of valuation, Cadence Design Systems is at present trading with a Forward P/E ratio of 46.22. This signifies a premium in comparison to the average Forward P/E of 27.59 for its industry.
Meanwhile, CDNS's PEG ratio is currently 2.52. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Computer - Software industry had an average PEG ratio of 2.2.
The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 153, finds itself in the bottom 40% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.