Cadence Design Systems (NASDAQ:CDNS) Issues 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 EPS guidance of 1.200-1.240 for the period, compared to the consensus EPS 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 NASDAQ CDNS opened at $285.02 on Tuesday. The stock’s 50 day moving average price is $305.09 and its two-hundred day moving average price is $280.73. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The stock has a market capitalization of $77.59 billion, a P/E ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the prior year, the firm posted $1.02 earnings per share. Cadence Design Systems’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts anticipate that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on CDNS shares. KeyCorp upped their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a report on Monday, April 15th. Piper Sandler started coverage on Cadence Design Systems in a report on Thursday, April 4th. They set a neutral rating and a $334.00 target price for the company. Rosenblatt Securities reaffirmed a neutral rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday. StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Finally, Wells Fargo & Company upped their target price on Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have assigned 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.

Insider Buying and Selling

In related news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on 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 directly owns 50,183 shares of the company’s stock, valued at approximately $15,498,015.89. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The disclosure for this sale can be found here. Insiders sold 177,544 shares of company stock valued at $53,581,207 in the last three months. 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.