Cadence Design Systems (NASDAQ:CDNS) Releases FY24 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $5.88-$5.98 for the period, compared to the consensus EPS estimate of $5.93. The company issued revenue guidance of $4.56-$4.62 billion, compared to the consensus revenue estimate of $4.59 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. StockNews.com raised Cadence Design Systems from a hold rating to a buy rating in a research note on Wednesday. KeyCorp raised 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. Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and raised their target price for the company from $260.00 to $350.00 in a report on Wednesday, February 14th. Needham & Company LLC restated a buy rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Friday, April 19th. Finally, Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a report on Thursday, April 18th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Cadence Design Systems has a consensus rating of Moderate Buy and a consensus price target of $316.50.

Cadence Design Systems Stock Performance

Shares of Cadence Design Systems stock traded down $0.58 on Thursday, reaching $277.08. 2,044,148 shares of the company were exchanged, compared to its average volume of 1,572,117. Cadence Design Systems has a 1-year low of $198.92 and a 1-year high of $327.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. The firm has a market cap of $75.43 billion, a price-to-earnings ratio of 72.31, a P/E/G ratio of 3.43 and a beta of 1.04. The company’s 50-day moving average is $304.38 and its two-hundred day moving average is $280.97.

Cadence Design Systems (NASDAQ:CDNS) last issued its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the firm posted $1.02 earnings per share. Cadence Design Systems’s revenue was down 1.2% compared to the same quarter last year. As a group, research analysts expect that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total transaction of $449,130.00. Following the sale, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders have sold 173,044 shares of company stock worth $52,231,207 over the last three months. Company insiders own 1.99% of the company’s stock.

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.