Cadence Design Systems (NASDAQ:CDNS) Updates 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 guidance of 5.880-5.980 for the period, compared to the consensus earnings per share estimate of 5.940. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Cadence Design Systems also updated its FY24 guidance to $5.88-$5.98 EPS.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $285.02 on Tuesday. The company has a market cap of $77.59 billion, a price-to-earnings ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04. 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 firm has a 50 day simple moving average of $305.09 and a 200 day simple moving average of $280.73. Cadence Design Systems has a one year low of $194.01 and a one year 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 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The firm’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.02 EPS. Research analysts predict that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a research note on Friday. Robert W. Baird raised their price target on shares of 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 raised their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Piper Sandler assumed coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a neutral rating and a $334.00 price target for the company. Finally, StockNews.com downgraded shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Cadence Design Systems currently has an average rating of Moderate Buy and an average price target of $318.10.

Insider Transactions at Cadence Design Systems

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 transaction of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, VP Thomas P. Beckley sold 65,268 shares of the firm’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were 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 directly owns 21,080 shares of the company’s stock, valued at $6,544,496.80. The disclosure for this sale can be found here. Insiders sold a total of 177,544 shares of company stock worth $53,581,207 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.