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 (EPS) guidance of 5.770-5.970 for the period, compared to the consensus estimate of 5.930. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.6 billion. Cadence Design Systems also updated its FY24 guidance to $5.77-5.97 EPS.

Cadence Design Systems Trading Up 2.5 %

Shares of CDNS stock traded up $7.13 on Monday, hitting $287.08. 3,248,867 shares of the stock traded hands, compared to its average volume of 1,580,295. The firm’s 50-day moving average price is $302.82 and its two-hundred day moving average price is $297.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.32. The stock has a market capitalization of $78.21 billion, a PE ratio of 74.35, a PEG ratio of 3.43 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.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. As a group, analysts anticipate that Cadence Design Systems will post 4.77 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a research report on Tuesday, April 16th. StockNews.com cut shares of Cadence Design Systems from a buy rating to a hold rating in a research report on Thursday, May 2nd. Piper Sandler reaffirmed a neutral rating and issued a $318.00 target price on shares of Cadence Design Systems in a research report on Wednesday, July 10th. KeyCorp upped 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 report on Thursday, June 27th. Finally, Robert W. Baird boosted their price target on shares of Cadence Design Systems from $322.00 to $341.00 and gave the stock an outperform rating in a research note on Tuesday, July 2nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $334.89.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cadence Design Systems news, VP Chin-Chi Teng sold 32,184 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $297.45, for a total value of $9,573,130.80. Following the transaction, the vice president now directly owns 95,408 shares in the company, valued at $28,379,109.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $314.57, for a total transaction of $471,855.00. Following the completion of the transaction, the director now owns 46,551 shares in the company, valued at $14,643,548.07. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,134 shares of company stock worth $14,987,093. Company 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.