Cadence Design Systems (NASDAQ:CDNS) Releases Q2 2024 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 1.200-1.240 for the period, compared to the consensus estimate of 1.430. The company issued revenue guidance of $1.0 billion-$1.1 billion, compared to the consensus revenue estimate of $1.1 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com lowered shares of Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Rosenblatt Securities restated a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday. Piper Sandler reduced their price objective on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating on the stock in a report on Tuesday. Needham & Company LLC reaffirmed a buy rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday, April 19th. Finally, Wells Fargo & Company lifted their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Cadence Design Systems presently has a consensus rating of Moderate Buy and an average price target of $316.50.

Cadence Design Systems Stock Down 0.6 %

Shares of Cadence Design Systems stock traded down $1.59 on Wednesday, reaching $280.17. 575,637 shares of the company were exchanged, compared to its average volume of 1,543,212. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a market cap of $76.27 billion, a P/E ratio of 73.38, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock’s 50 day moving average price is $304.84 and its 200-day moving average price is $280.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly 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. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.02 earnings per share. As a group, equities analysts forecast that Cadence Design Systems will post 4.81 EPS for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the company’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 value of $310,460.00. Following the sale, the vice president now owns 68,144 shares of the company’s stock, valued at approximately $21,155,986.24. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock valued at $52,231,207 over the last three months. 0.62% 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.