Cadence Design Systems (NASDAQ:CDNS) Issues FY24 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $5.87-5.93 for the period, compared to the consensus estimate of $5.89. The company issued revenue guidance of $4.61-4.65 billion, compared to the consensus revenue estimate of $4.63 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.870-5.930 EPS.

Cadence Design Systems Stock Performance

CDNS traded down $0.89 during trading on Wednesday, hitting $283.56. The stock had a trading volume of 823,274 shares, compared to its average volume of 1,757,083. The firm has a market cap of $77.25 billion, a PE ratio of 74.08, a P/E/G ratio of 3.03 and a beta of 1.02. The company has a current ratio of 1.43, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 12 month low of $233.51 and a 12 month high of $328.99. The company has a 50 day simple moving average of $266.90 and a 200-day simple moving average of $281.98.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 EPS. Analysts expect that Cadence Design Systems will post 4.73 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Robert W. Baird upped their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. Berenberg Bank assumed coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Finally, Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $323.17.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following the transaction, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $273.44, for a total transaction of $177,736.00. Following the completion of the sale, the vice president now directly owns 61,761 shares of the company’s stock, valued at $16,887,927.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,347 shares of company stock worth $7,728,272. 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.