Cadence Design Systems (NASDAQ:CDNS) Updates FY24 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $5.88-$5.98 for the period, compared to the consensus earnings per share estimate of $5.93. The company issued revenue guidance of $4.56-$4.62 billion, compared to the consensus revenue estimate of $4.59 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Analyst Ratings Changes

A number of research firms have commented on CDNS. Stifel Nicolaus increased their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Wells Fargo & Company raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research report on Tuesday, April 16th. Rosenblatt Securities restated a neutral rating and issued a $280.00 price target on shares of Cadence Design Systems in a research report on Monday. Piper Sandler initiated coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They issued a neutral rating and a $334.00 price target on the stock. Finally, KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of Moderate Buy and a consensus price target of $318.10.

Cadence Design Systems Stock Up 1.7 %

CDNS stock opened at $285.02 on Tuesday. 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 has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The firm’s 50-day simple moving average is $305.09 and its 200 day simple moving average is $280.73. The stock has a market cap of $77.59 billion, a PE ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04.

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

Insider Buying and Selling

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 48,533 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the transaction, the chief executive officer now owns 67,812 shares of the company’s stock, valued at approximately $20,513,130. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold a total of 177,544 shares of company stock valued at $53,581,207 in the last quarter. Company insiders own 0.62% 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.