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 earnings per share guidance of 5.880-5.980 for the period, compared to the consensus earnings per share estimate of 5.940. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Cadence Design Systems also updated its FY24 guidance to $5.88-$5.98 EPS.

Cadence Design Systems Stock Down 0.9 %

NASDAQ CDNS traded down $2.55 during mid-day trading on Wednesday, reaching $279.21. 658,121 shares of the company’s stock traded hands, compared to its average volume of 1,543,958. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a fifty day simple moving average of $304.84 and a 200-day simple moving average of $280.99. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a market cap of $76.01 billion, a price-to-earnings ratio of 73.38, a P/E/G ratio of 3.47 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the firm earned $1.02 EPS. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, equities research analysts expect that Cadence Design Systems will post 4.81 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CDNS. KeyCorp raised their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a report on Monday, April 15th. Rosenblatt Securities reissued a neutral rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday. Wells Fargo & Company raised their price target on Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Robert W. Baird raised their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Finally, Needham & Company LLC reissued a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $316.50.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the sale, the director now owns 53,183 shares of the company’s stock, valued at approximately $15,924,053.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction 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 transaction, the chief executive officer now directly owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock valued at $52,231,207 in the last quarter. Corporate insiders own 0.62% of the company’s stock.

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.