Cadence Design Systems (NASDAQ:CDNS) Issues 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.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several analyst reports. Morgan Stanley raised Cadence Design Systems from an equal weight rating to an overweight rating and boosted their target price for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a research report on Tuesday. Rosenblatt Securities reaffirmed a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday. Wells Fargo & Company raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Finally, Stifel Nicolaus raised their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has an average rating of Moderate Buy and an average target price of $316.50.

Cadence Design Systems Trading Down 0.0 %

CDNS stock traded down $0.06 during midday trading on Wednesday, hitting $281.70. 462,968 shares of the company’s stock were exchanged, compared to its average volume of 1,541,454. The business has a 50-day simple moving average of $304.84 and a two-hundred day simple moving average of $280.99. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $76.69 billion, a PE ratio of 73.38, a P/E/G ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same period last year, the business posted $1.02 earnings per share. Cadence Design Systems’s revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts predict that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 173,044 shares of company stock worth $52,231,207. Corporate 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.