Cadence Design Systems (NASDAQ:CDNS) Releases 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.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CDNS. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Robert W. Baird upped 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. StockNews.com cut Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. KeyCorp boosted their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday, April 19th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $316.50.

Cadence Design Systems Stock Down 0.9 %

CDNS stock traded down $2.55 during midday trading on Wednesday, hitting $279.21. The company’s stock had a trading volume of 658,121 shares, compared to its average volume of 1,543,958. The company has a market cap of $76.01 billion, a PE ratio of 73.38, a P/E/G ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. 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 firm’s 50-day moving average is $304.84 and its 200-day moving average is $280.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the firm earned $1.02 EPS. The company’s revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Activity

In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction that occurred 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 $41,468,674.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold a total of 173,044 shares of company stock worth $52,231,207 over the last 90 days. 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.