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

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Equities research analysts at Griffin Securities reduced their Q2 2024 earnings per share (EPS) estimates for shares of Cadence Design Systems in a report issued on Tuesday, April 23rd. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will earn $0.95 per share for the quarter, down from their prior 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.

Several other equities research analysts have also issued reports on CDNS. Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Friday, April 19th. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Stifel Nicolaus raised their target price on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Piper Sandler reduced their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $316.50.

Cadence Design Systems Stock Performance

Shares of CDNS opened at $277.08 on Friday. The business’s 50 day moving average is $304.01 and its two-hundred day moving average is $280.94. Cadence Design Systems has a 52-week low of $198.92 and a 52-week high of $327.36. The firm has a market cap of $75.43 billion, a price-to-earnings ratio of 72.16, a PEG ratio of 3.26 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

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

Insider Activity

In other news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’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 owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 173,044 shares of company stock valued at $52,231,207. Insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

Several institutional investors have recently modified their holdings of CDNS. Ulland Investment Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $25,000. Valley National Advisers Inc. lifted its position in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the period. Fortitude Family Office LLC bought a new position in shares of Cadence Design Systems during the 4th quarter worth approximately $28,000. Annapolis Financial Services LLC bought a new position in Cadence Design Systems in the 1st quarter valued at $32,000. Finally, OFI Invest Asset Management bought a new position in Cadence Design Systems in the 3rd quarter valued at $26,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

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.