Cadence Design Systems (NASDAQ:CDNS) Updates FY 2024 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 5.870-5.930 for the period, compared to the consensus estimate of 5.890. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.6 billion. Cadence Design Systems also updated its FY24 guidance to $5.87-5.93 EPS.

Analyst Ratings Changes

A number of research analysts have issued reports on CDNS shares. Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday. Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Needham & Company LLC dropped their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $323.17.

Cadence Design Systems Stock Down 4.2 %

NASDAQ CDNS traded down $12.10 on Thursday, hitting $277.90. 1,683,507 shares of the stock were exchanged, compared to its average volume of 1,769,204. Cadence Design Systems has a fifty-two week low of $233.51 and a fifty-two week high of $328.99. The company has a 50-day moving average price of $267.01 and a 200-day moving average price of $282.04. The company has a market cap of $75.71 billion, a PE ratio of 75.52, a PEG ratio of 3.03 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the business earned $1.01 EPS. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. Sell-side analysts anticipate that Cadence Design Systems will post 4.73 EPS for the current fiscal year.

Insider Activity

In other news, CFO John M. Wall sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Karna Nisewaner sold 1,213 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $279.49, for a total value of $339,021.37. Following the completion of the transaction, the senior vice president now owns 17,617 shares of the company’s stock, valued at approximately $4,923,775.33. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,697 shares of company stock worth $7,555,216. Corporate insiders own 1.99% of the company’s stock.

Cadence Design Systems Company Profile

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 logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.