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

Cadence Design Systems (NASDAQ:CDNS) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 1.200-1.240 for the period, compared to the consensus earnings per share 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.

Cadence Design Systems Trading Up 1.7 %

Shares of CDNS traded up $4.77 during mid-day trading on Monday, reaching $285.02. The company’s stock had a trading volume of 2,739,894 shares, compared to its average volume of 1,514,106. The stock has a market cap of $77.59 billion, a PE ratio of 73.36, a P/E/G ratio of 3.41 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. The company’s fifty day moving average price is $305.52 and its two-hundred day moving average price is $280.37.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data 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 analyst estimates of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.02 EPS. On average, analysts predict that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several analyst reports. StockNews.com downgraded shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday, April 16th. Rosenblatt Securities reaffirmed a neutral rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday. Morgan Stanley raised shares of Cadence Design Systems from an equal weight rating to an overweight rating and lifted their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Stifel Nicolaus lifted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company lifted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems presently has an average rating of Moderate Buy and a consensus target price of $318.10.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the transaction, the chief executive officer now directly 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 can be accessed through the SEC website. In other news, CEO Anirudh Devgan sold 1,454 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the sale, the director now owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 177,544 shares of company stock valued at $53,581,207. 0.62% of the stock is currently owned by company 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.