Analysts Issue Forecasts for Cadence Design Systems, Inc.'s Q2 2024 Earnings (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) - Investment analysts at Griffin Securities dropped their Q2 2024 earnings per share estimates for shares of Cadence Design Systems in a research report issued to clients and investors on Tuesday, April 23rd. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will post earnings of $0.95 per share for the quarter, down from their prior forecast of $1.23. The consensus estimate for Cadence Design Systems' current full-year earnings is $4.79 per share. Griffin Securities also issued estimates for Cadence Design Systems' Q3 2024 earnings at $1.33 EPS, Q4 2024 earnings at $1.54 EPS, FY2024 earnings at $4.71 EPS, Q2 2025 earnings at $1.28 EPS, Q3 2025 earnings at $1.32 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.35 EPS.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) 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 return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the business earned $1.02 EPS. The company's revenue was down 1.2% compared to the same quarter last year.

Several other research firms also recently commented on CDNS. KeyCorp upped their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an "overweight" rating in a research note on Monday, April 15th. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday. Stifel Nicolaus upped their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, February 13th. Needham & Company LLC reiterated a "buy" rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Finally, Piper Sandler dropped their target price on Cadence Design Systems from $334.00 to $318.00 and set a "neutral" rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $316.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock traded up $5.33 during trading on Friday, hitting $282.41. The stock had a trading volume of 2,131,791 shares, compared to its average volume of 1,579,181. Cadence Design Systems has a 1 year low of $198.92 and a 1 year 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 stock's 50 day moving average is $304.01 and its two-hundred day moving average is $280.94. The stock has a market cap of $76.88 billion, a price-to-earnings ratio of 72.16, a price-to-earnings-growth ratio of 3.26 and a beta of 1.04.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company's stock, valued at $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total value of $463,245.00. Following the transaction, the director now owns 50,183 shares of the company's stock, valued at $15,498,015.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Karna Nisewaner sold 600 shares of the 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 173,044 shares of company stock valued at $52,231,207. 1.99% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CDNS. Private Trust Co. NA grew its stake in shares of Cadence Design Systems by 43.6% during the third quarter. Private Trust Co. NA now owns 405 shares of the software maker's stock valued at $95,000 after buying an additional 123 shares during the last quarter. Czech National Bank grew its stake in shares of Cadence Design Systems by 47.2% during the third quarter. Czech National Bank now owns 47,503 shares of the software maker's stock valued at $11,130,000 after buying an additional 15,222 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Cadence Design Systems by 7.1% during the third quarter. Handelsbanken Fonder AB now owns 62,705 shares of the software maker's stock worth $14,692,000 after purchasing an additional 4,152 shares during the period. McGlone Suttner Wealth Management Inc. boosted its holdings in shares of Cadence Design Systems by 4.6% during the third quarter. McGlone Suttner Wealth Management Inc. now owns 1,093 shares of the software maker's stock worth $256,000 after purchasing an additional 48 shares during the period. Finally, Alta Wealth Advisors LLC purchased a new stake in shares of Cadence Design Systems during the third quarter worth about $305,000. 84.85% of the stock is owned by institutional investors.

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.