Cadence Design Systems (NASDAQ:CDNS) Issues Q2 2024 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its second quarter 2024 earnings guidance on Monday. The company provided EPS guidance of 1.200-1.240 for the period, compared to the consensus EPS estimate of 1.430. The company issued revenue guidance of $1.0 billion-$1.1 billion, compared to the consensus revenue estimate of $1.1 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNS. KeyCorp upped their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday, April 15th. StockNews.com downgraded Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday, April 16th. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a research note on Thursday. Stifel Nicolaus increased their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Stock Up 1.7 %

CDNS traded up $4.77 during trading on Monday, hitting $285.02. The company had a trading volume of 2,739,894 shares, compared to its average volume of 1,514,106. The company has a market capitalization of $77.59 billion, a PE ratio of 73.36, a PEG ratio of 3.41 and a beta of 1.04. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36. The firm’s 50-day moving average price is $305.52 and its 200 day moving average price is $280.37. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. As a group, equities analysts expect that Cadence Design Systems will post 4.81 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Aneel Zaman sold 1,207 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the transaction, the vice president now directly owns 61,150 shares in the company, valued at approximately $18,583,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the transaction, the director now owns 54,683 shares in the company, valued at $16,404,900. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,544 shares of company stock worth $53,581,207. Insiders own 0.62% of the company’s stock.

About Cadence Design Systems

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.