Cadence Design Systems (NASDAQ:CDNS) Issues Q2 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its second quarter earnings guidance on Monday. The company provided EPS guidance of $1.20-$1.24 for the period, compared to the consensus EPS estimate of $1.43. The company issued revenue guidance of $1.03-$1.05 billion, compared to the consensus revenue estimate of $1.11 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Cadence Design Systems Trading Down 0.2 %

Cadence Design Systems stock traded down $0.58 during mid-day trading on Thursday, hitting $277.08. 2,044,148 shares of the company’s stock were exchanged, compared to its average volume of 1,572,117. The firm has a market capitalization of $75.43 billion, a P/E ratio of 72.31, a PEG ratio of 3.43 and a beta of 1.04. Cadence Design Systems has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The company’s 50 day simple moving average is $304.38 and its 200-day simple moving average is $280.97.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.04. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The company’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 EPS. On average, equities analysts anticipate that Cadence Design Systems will post 4.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CDNS shares. StockNews.com upgraded Cadence Design Systems from a hold rating to a buy rating in a report on Wednesday. Robert W. Baird lifted their price target on Cadence Design Systems from $302.00 to $322.00 and gave the stock an outperform rating in a report on Thursday, April 18th. Needham & Company LLC reiterated a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Morgan Stanley upgraded shares of Cadence Design Systems from an equal weight rating to an overweight rating and raised their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Finally, KeyCorp raised their price objective on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an overweight rating in a research report on Monday, April 15th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Design Systems presently has a consensus rating of Moderate Buy and a consensus target price of $316.50.

Insider Activity at Cadence Design Systems

In related 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 sale, the vice president now directly owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Anirudh Devgan sold 1,454 shares of Cadence Design Systems stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value 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. Insiders have sold 173,044 shares of company stock valued at $52,231,207 over the last ninety days. 1.99% of the stock is owned by corporate 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.