Q3 2024 Earnings Estimate for Cadence Design Systems, Inc. (NASDAQ:CDNS) Issued By Zacks Research

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Analysts at Zacks Research lowered their Q3 2024 earnings estimates for Cadence Design Systems in a research report issued to clients and investors on Thursday, April 18th. Zacks Research analyst V. Doshi now expects that the software maker will post earnings per share of $1.27 for the quarter, down from their prior forecast of $1.30. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.81 per share. Zacks Research also issued estimates for Cadence Design Systems’ Q4 2024 earnings at $1.42 EPS, FY2024 earnings at $4.76 EPS, Q2 2025 earnings at $1.36 EPS, Q3 2025 earnings at $1.45 EPS, Q4 2025 earnings at $1.56 EPS and FY2025 earnings at $5.54 EPS.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.02 earnings per share.

A number of other analysts have also recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. Stifel Nicolaus lifted their price target 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. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Robert W. Baird lifted their price target on shares of 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 reiterated a “buy” rating and set 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $316.50.

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $281.76 on Monday. The firm’s fifty day moving average price is $304.84 and its two-hundred day moving average price is $280.99. The stock has a market cap of $76.71 billion, a PE ratio of 73.76, a PEG ratio of 3.41 and a beta of 1.04. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24.

Insider Activity at Cadence Design Systems

In related news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director James D. Plummer sold 2,412 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The disclosure for this sale can be found here. Insiders have sold a total of 173,044 shares of company stock worth $52,231,207 over the last quarter. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Cadence Design Systems

Several institutional investors have recently made changes to their positions in CDNS. Norges Bank acquired a new position in shares of Cadence Design Systems during the fourth quarter valued at about $1,141,059,000. Nordea Investment Management AB raised its holdings in shares of Cadence Design Systems by 124.8% during the fourth quarter. Nordea Investment Management AB now owns 1,895,230 shares of the software maker’s stock valued at $515,995,000 after purchasing an additional 1,052,228 shares during the period. Wellington Management Group LLP raised its holdings in shares of Cadence Design Systems by 143.3% during the third quarter. Wellington Management Group LLP now owns 1,634,920 shares of the software maker’s stock valued at $383,062,000 after purchasing an additional 962,987 shares during the period. Jennison Associates LLC increased its position in shares of Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock worth $1,651,166,000 after acquiring an additional 564,085 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Cadence Design Systems by 261.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 620,561 shares of the software maker’s stock worth $169,022,000 after acquiring an additional 448,918 shares in the last quarter. Institutional investors and hedge funds own 84.85% 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.