Cadence Design Systems (NASDAQ:CDNS) Issues Q2 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $1.20-$1.24 for the period, compared to the consensus EPS estimate of $1.43. The company issued revenue guidance of $1.03-$1.05 billion, compared to the consensus revenue estimate of $1.11 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Analysts Set New Price Targets

Several research firms recently issued reports on CDNS. Piper Sandler cut their target price on Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a research report on Tuesday. Needham & Company LLC reiterated a buy rating and set a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. StockNews.com lowered shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday, April 16th. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Finally, Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and raised their price objective for the company from $260.00 to $350.00 in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems has a consensus rating of Moderate Buy and an average price target of $316.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $281.76 on Wednesday. The company’s 50-day moving average price is $304.84 and its 200-day moving average price is $280.99. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The company has a market cap of $76.71 billion, a PE ratio of 73.38, a price-to-earnings-growth ratio of 3.47 and a beta of 1.04. Cadence Design Systems has a twelve month low of $194.01 and a twelve month high of $327.36.

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, topping the consensus estimate of $1.13 by $0.04. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 33.53% and a net margin of 25.68%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.02 earnings per share. On average, equities research analysts forecast that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on 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 sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO John M. Wall sold 2,700 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $299.00, for a total value of $807,300.00. Following the transaction, the chief financial officer now owns 76,552 shares of the company’s stock, valued at approximately $22,889,048. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock valued at $52,231,207 over the last three months. 0.62% of the stock is owned by company 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.