Zacks Research Weighs in on Cadence Design Systems, Inc.’s Q4 2024 Earnings (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Investment analysts at Zacks Research upped their Q4 2024 earnings per share estimates for Cadence Design Systems in a note issued to investors on Monday, August 12th. Zacks Research analyst V. Doshi now anticipates that the software maker will post earnings per share of $1.64 for the quarter, up from their prior forecast of $1.55. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.74 per share.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business earned $0.94 EPS. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year.

Other analysts also recently issued research reports about the company. Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Bank of America upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp raised their target price on shares of Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Tuesday, August 6th. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $334.56.

Cadence Design Systems Trading Up 3.1 %

NASDAQ:CDNS opened at $280.12 on Wednesday. The company has a market cap of $76.31 billion, a P/E ratio of 72.95, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. Cadence Design Systems has a twelve month low of $217.77 and a twelve month high of $328.99. The business has a 50 day moving average price of $292.90 and a two-hundred day moving average price of $296.11. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CDNS. Brick & Kyle Associates bought a new position in shares of Cadence Design Systems in the 2nd quarter valued at $762,000. Susquehanna Fundamental Investments LLC acquired a new stake in Cadence Design Systems in the second quarter valued at about $1,914,000. Scientech Research LLC grew its position in Cadence Design Systems by 4.3% in the second quarter. Scientech Research LLC now owns 7,442 shares of the software maker’s stock valued at $2,290,000 after acquiring an additional 308 shares during the last quarter. Legal & General Group Plc raised its stake in Cadence Design Systems by 1.8% during the second quarter. Legal & General Group Plc now owns 2,509,136 shares of the software maker’s stock worth $772,187,000 after acquiring an additional 43,654 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new position in shares of Cadence Design Systems in the second quarter worth about $5,826,000. 84.85% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at $17,357,250.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now owns 65,194 shares in the company, valued at $17,357,250.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at approximately $14,852,083.59. The disclosure for this sale can be found here. Insiders have sold a total of 47,684 shares of company stock worth $14,288,863 in the last quarter. Corporate insiders own 1.99% 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.