Cadence Design Systems (NASDAQ:CDNS) Updates FY 2024 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 5.870-5.930 for the period, compared to the consensus EPS estimate of 5.890. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.6 billion. Cadence Design Systems also updated its FY24 guidance to $5.87-5.93 EPS.

Cadence Design Systems Trading Down 4.2 %

CDNS traded down $12.10 on Thursday, reaching $277.90. 1,683,507 shares of the company’s stock were exchanged, compared to its average volume of 1,769,204. Cadence Design Systems has a twelve month low of $233.51 and a twelve month high of $328.99. The company’s 50 day moving average is $267.01 and its 200-day moving average is $282.04. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43. The company has a market cap of $75.71 billion, a price-to-earnings ratio of 75.52, a PEG ratio of 3.03 and a beta of 1.02.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating 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 the consensus estimate of $1.18 billion. During the same quarter last year, the firm posted $1.01 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems will post 4.73 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Needham & Company LLC reduced their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research report on Tuesday. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Tuesday. Berenberg Bank began coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price objective on the stock. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Finally, Piper Sandler upgraded Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $323.17.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.24, for a total value of $414,360.00. Following the transaction, the director now owns 45,051 shares in the company, valued at approximately $12,444,888.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the sale, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,697 shares of company stock worth $7,555,216 over the last ninety days. 1.99% of the stock is owned by insiders.

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.