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Cadence Design Systems (CDNS) Stock Moves -1.42%: What You Should Know
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Cadence Design Systems (CDNS - Free Report) closed at $385.35 in the latest trading session, marking a -1.42% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 1.62%. Meanwhile, the Dow experienced a drop of 1.87%, and the technology-dominated Nasdaq saw a decrease of 1.98%.
The stock of maker of hardware and software products for validating chip designs has risen by 9.18% in the past month, leading the Computer and Technology sector's loss of 0.74% and the S&P 500's loss of 0.03%.
Market participants will be closely following the financial results of Cadence Design Systems in its upcoming release. It is anticipated that the company will report an EPS of $2.05, marking a 24.24% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.58 billion, up 23.58% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $7.94 per share and revenue of $6.2 billion, indicating changes of +11.2% and +17.11%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Cadence Design Systems. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Cadence Design Systems possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Cadence Design Systems is currently exchanging hands at a Forward P/E ratio of 49.24. This indicates a premium in contrast to its industry's Forward P/E of 17.21.
We can additionally observe that CDNS currently boasts a PEG ratio of 3.63. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Computer - Software industry held an average PEG ratio of 1.4.
The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 161, finds itself in the bottom 35% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Cadence Design Systems (CDNS) Stock Moves -1.42%: What You Should Know
Cadence Design Systems (CDNS - Free Report) closed at $385.35 in the latest trading session, marking a -1.42% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 1.62%. Meanwhile, the Dow experienced a drop of 1.87%, and the technology-dominated Nasdaq saw a decrease of 1.98%.
The stock of maker of hardware and software products for validating chip designs has risen by 9.18% in the past month, leading the Computer and Technology sector's loss of 0.74% and the S&P 500's loss of 0.03%.
Market participants will be closely following the financial results of Cadence Design Systems in its upcoming release. It is anticipated that the company will report an EPS of $2.05, marking a 24.24% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.58 billion, up 23.58% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $7.94 per share and revenue of $6.2 billion, indicating changes of +11.2% and +17.11%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Cadence Design Systems. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Cadence Design Systems possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Cadence Design Systems is currently exchanging hands at a Forward P/E ratio of 49.24. This indicates a premium in contrast to its industry's Forward P/E of 17.21.
We can additionally observe that CDNS currently boasts a PEG ratio of 3.63. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As of the close of trade yesterday, the Computer - Software industry held an average PEG ratio of 1.4.
The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 161, finds itself in the bottom 35% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.