Cadence Design Systems (CDNS) Set to Announce Earnings on Monday

Cadence Design Systems (NASDAQ:CDNS) is set to release its earnings data after the market closes on Monday, April 22nd. Analysts expect Cadence Design Systems to post earnings of $1.13 per share for the quarter. Cadence Design Systems has set its Q1 guidance at $1.10-$1.14 EPS and its FY24 guidance at $5.87-$5.97 EPS.Investors that are interested in registering for the company’s conference call can do so using this link.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the business posted $0.75 EPS. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis. On average, analysts expect Cadence Design Systems to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $280.25 on Friday. The firm’s 50 day moving average is $305.52 and its two-hundred day moving average is $280.05. The firm has a market capitalization of $76.30 billion, a P/E ratio of 73.36, a PEG ratio of 3.47 and a beta of 1.04. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 52 week low of $194.01 and a 52 week high of $327.36.

Insider Buying and Selling

In related news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the sale, the director now directly owns 22,923 shares in the company, valued at approximately $7,229,914.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director James D. Plummer sold 2,412 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the completion of the sale, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction 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 $15,498,015.89. 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 over the last three months. Company insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Cadence Design Systems during the fourth quarter valued at $770,945,000. Alliancebernstein L.P. grew its stake in Cadence Design Systems by 620.0% during the 4th quarter. Alliancebernstein L.P. now owns 2,954,303 shares of the software maker’s stock valued at $474,579,000 after acquiring an additional 2,543,966 shares in the last quarter. Moneta Group Investment Advisors LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter valued at about $227,854,000. Morgan Stanley lifted its position in shares of Cadence Design Systems by 38.6% in the fourth quarter. Morgan Stanley now owns 2,807,404 shares of the software maker’s stock worth $450,982,000 after purchasing an additional 782,517 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Cadence Design Systems by 102.4% during the second quarter. Barclays PLC now owns 1,520,479 shares of the software maker’s stock worth $356,584,000 after purchasing an additional 769,129 shares during the period. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Piper Sandler began coverage on Cadence Design Systems in a research report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 target price on the stock. KeyCorp raised their price target on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, February 13th. Robert W. Baird increased their target price 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. Finally, StockNews.com downgraded shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $318.10.

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.