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

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Equities researchers at Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for shares of Cadence Design Systems in a note issued to investors on Thursday, April 18th. Zacks Research analyst V. Doshi now expects that the software maker will earn $1.27 per share for the quarter, down from their prior estimate 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.

CDNS has been the topic of several other reports. KeyCorp raised their target price on Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, April 16th. Robert W. Baird increased their price target on Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday, April 18th. Stifel Nicolaus increased their price target on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Finally, Piper Sandler decreased their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $316.50.

Cadence Design Systems Stock Down 1.1 %

CDNS opened at $281.76 on Monday. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock has a market cap of $76.71 billion, a P/E ratio of 73.76, a P/E/G ratio of 3.41 and a beta of 1.04. The stock’s 50 day moving average price is $304.84 and its 200 day moving average price is $280.99.

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

Insider Transactions at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s 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 sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction on 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 sale, the senior vice president now owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction 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 owns 156,156 shares of the company’s stock, 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 valued at $52,231,207 in the last three months. 0.62% of the stock is currently owned by corporate insiders.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently modified their holdings of the company. Valley National Advisers Inc. raised its holdings in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $28,000. Annapolis Financial Services LLC purchased a new stake in shares of Cadence Design Systems during the first quarter worth $32,000. OFI Invest Asset Management purchased a new stake in shares of Cadence Design Systems during the third quarter worth $26,000. Finally, Union Savings Bank purchased a new stake in shares of Cadence Design Systems during the fourth quarter worth $33,000. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

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.