Q2 2024 EPS Estimates for Cadence Design Systems, Inc. (NASDAQ:CDNS) Lowered by Analyst

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Stock analysts at Griffin Securities reduced their Q2 2024 earnings estimates for Cadence Design Systems in a research report issued on Tuesday, April 23rd. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will post earnings per share of $0.95 for the quarter, down from their previous forecast of $1.23. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.79 per share. Griffin Securities also issued estimates for Cadence Design Systems’ Q3 2024 earnings at $1.33 EPS, Q4 2024 earnings at $1.54 EPS, FY2024 earnings at $4.71 EPS, Q2 2025 earnings at $1.28 EPS, Q3 2025 earnings at $1.32 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.35 EPS.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Stifel Nicolaus raised their target price 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. Robert W. Baird raised their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Piper Sandler reduced their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $316.50.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $277.08 on Friday. Cadence Design Systems has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The company has a 50 day simple moving average of $304.01 and a two-hundred day simple moving average of $280.94. The company has a market capitalization of $75.43 billion, a price-to-earnings ratio of 72.16, a P/E/G ratio of 3.26 and a beta of 1.04. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the firm earned $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James D. Plummer sold 2,412 shares of Cadence Design Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total transaction of $760,744.80. Following the transaction, the director now owns 22,923 shares in the company, valued at approximately $7,229,914.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,044 shares of company stock valued at $52,231,207. Company insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CDNS. Ulland Investment Advisors LLC bought a new stake in Cadence Design Systems in the 1st quarter valued at $25,000. OFI Invest Asset Management bought a new stake in Cadence Design Systems in the 3rd quarter valued at $26,000. Valley National Advisers Inc. increased its holdings in Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after acquiring an additional 47 shares during the last quarter. Fortitude Family Office LLC bought a new stake in Cadence Design Systems in the 4th quarter valued at $28,000. Finally, Annapolis Financial Services LLC bought a new stake in Cadence Design Systems in the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 84.85% 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.