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

Cadence Design Systems (NASDAQ:CDNS) updated its second quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $1.20-$1.24 for the period, compared to the consensus estimate of $1.43. The company issued revenue guidance of $1.03-$1.05 billion, compared to the consensus revenue estimate of $1.11 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Morgan Stanley raised Cadence Design Systems from an equal weight rating to an overweight rating and upped their target price for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Wells Fargo & Company upped their price target 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. 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. Rosenblatt Securities reissued a neutral rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday. Finally, Robert W. Baird upped their price objective on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a research note on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $318.10.

Cadence Design Systems Trading Up 1.7 %

NASDAQ:CDNS opened at $285.02 on Tuesday. Cadence Design Systems has a 1 year low of $194.01 and a 1 year high of $327.36. The stock has a market cap of $77.59 billion, a price-to-earnings ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. The business has a fifty day moving average of $305.09 and a 200-day moving average of $280.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the business posted $1.02 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. Equities analysts predict that Cadence Design Systems will post 4.81 earnings per share for the current year.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the transaction, the director now owns 50,183 shares of the company’s stock, valued at $15,498,015.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Aneel Zaman sold 1,207 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last quarter, insiders sold 177,544 shares of company stock valued at $53,581,207. 0.62% of the stock is currently owned by corporate 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.