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

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY 2024 earnings guidance on Monday morning. 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 Trading Up 1.7 %

CDNS stock opened at $285.02 on Tuesday. The company has a market capitalization of $77.59 billion, a PE ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36. The company’s 50 day moving average price is $305.09 and its two-hundred day moving average price is $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 issued its 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 net margin of 25.46% and a return on equity of 35.57%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business earned $1.02 earnings per share. The business’s revenue was down 1.2% on a year-over-year basis. As a group, analysts predict that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on CDNS. Wells Fargo & Company raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. StockNews.com cut shares of Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. KeyCorp lifted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a report on Monday, April 15th. Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a report on Tuesday, February 13th. Finally, Robert W. Baird lifted their price target on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an outperform rating in a report on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems presently has a consensus rating of Moderate Buy and a consensus price target of $318.10.

Insider Activity

In other news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the sale, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Vincentelli Albert Sangiovanni sold 4,500 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $300.00, for a total transaction of $1,350,000.00. Following the sale, the director now owns 54,683 shares in the company, valued at approximately $16,404,900. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the transaction, the senior vice president now directly owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 177,544 shares of company stock worth $53,581,207. Corporate insiders own 0.62% 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.