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

Cadence Design Systems (NASDAQ:CDNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $5.88-$5.98 for the period, compared to the consensus earnings per share estimate of $5.93. The company issued revenue guidance of $4.56-$4.62 billion, compared to the consensus revenue estimate of $4.59 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Wall Street Analyst Weigh In

CDNS has been the subject of several research reports. Robert W. Baird increased their target price 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 report on Tuesday, February 13th. KeyCorp upped their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a research report on Monday, April 15th. Piper Sandler decreased their price target on shares of Cadence Design Systems from $334.00 to $318.00 and set a neutral rating for the company in a report on Tuesday. Finally, StockNews.com lowered shares of Cadence Design Systems from a buy rating to a hold rating in a research note on Tuesday, April 16th. 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 data from MarketBeat.com, Cadence Design Systems has an average rating of Moderate Buy and an average target price of $316.50.

Cadence Design Systems Price Performance

Cadence Design Systems stock traded down $0.06 during mid-day trading on Wednesday, reaching $281.70. The company had a trading volume of 462,968 shares, compared to its average volume of 1,541,454. Cadence Design Systems has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. The company has a market cap of $76.69 billion, a P/E ratio of 73.38, a P/E/G ratio of 3.47 and a beta of 1.04. The business has a fifty day simple moving average of $304.84 and a 200 day simple moving average of $280.99.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 33.53%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the firm earned $1.02 earnings per share. Cadence Design Systems’s quarterly revenue was down 1.2% on a year-over-year basis. On average, equities research analysts predict that Cadence Design Systems will post 4.81 earnings per share for the current year.

Insiders Place Their Bets

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction that occurred on 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 transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on 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 transaction, the senior vice president now directly owns 21,080 shares in the company, valued at approximately $6,544,496.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 173,044 shares of company stock valued at $52,231,207. Company insiders own 0.62% of the company’s stock.

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.