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

Cadence Design Systems (NASDAQ:CDNS) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $5.87-5.93 for the period, compared to the consensus EPS estimate of $5.89. The company issued revenue guidance of $4.61-4.65 billion, compared to the consensus revenue estimate of $4.63 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.870-5.930 EPS.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CDNS. Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. Needham & Company LLC dropped their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday. Mizuho began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 target price for the company. Finally, Robert W. Baird upped their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and a consensus price target of $323.17.

Cadence Design Systems Stock Performance

Shares of CDNS stock traded down $0.89 during midday trading on Wednesday, hitting $283.56. 823,274 shares of the company were exchanged, compared to its average volume of 1,757,083. Cadence Design Systems has a 52 week low of $233.51 and a 52 week high of $328.99. The firm has a market capitalization of $77.25 billion, a P/E ratio of 74.08, a PEG ratio of 3.03 and a beta of 1.02. The firm’s 50 day moving average price is $266.90 and its two-hundred day moving average price is $281.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm earned $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the sale, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the transaction, the vice president now directly owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the sale, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,347 shares of company stock worth $7,728,272 in the last three months. 1.99% of the stock is owned by corporate insiders.

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.