Q2 2024 EPS Estimates for Cadence Design Systems, Inc. Cut by Analyst (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) - Analysts at Zacks Research reduced their Q2 2024 earnings estimates for shares of Cadence Design Systems in a note issued to investors on Monday, May 13th. Zacks Research analyst V. Doshi now expects that the software maker will earn $0.97 per share for the quarter, down from their previous estimate of $1.22. The consensus estimate for Cadence Design Systems' current full-year earnings is $4.78 per share. Zacks Research also issued estimates for Cadence Design Systems' Q3 2024 earnings at $1.30 EPS, Q4 2024 earnings at $1.55 EPS, FY2024 earnings at $4.72 EPS, Q3 2025 earnings at $1.49 EPS, Q4 2025 earnings at $1.62 EPS, FY2025 earnings at $5.53 EPS, Q1 2026 earnings at $1.41 EPS and FY2026 earnings at $6.76 EPS.

A number of other analysts have also weighed in on the stock. Piper Sandler reduced 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 research note on Tuesday, April 23rd. Morgan Stanley raised Cadence Design Systems from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $260.00 to $350.00 in a research note on Wednesday, February 14th. Rosenblatt Securities reissued a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Robert W. Baird raised their target price on Cadence Design Systems from $302.00 to $322.00 and gave the company an "outperform" rating in a research note on Thursday, April 18th. Finally, StockNews.com cut shares of Cadence Design Systems from a "buy" rating to a "hold" rating in a research report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $326.11.

Cadence Design Systems Price Performance

CDNS stock traded down $4.17 during trading on Thursday, hitting $288.93. The company had a trading volume of 1,222,390 shares, compared to its average volume of 1,545,652. The business has a 50 day moving average of $298.50 and a 200 day moving average of $285.04. The firm has a market capitalization of $78.63 billion, a price-to-earnings ratio of 76.33, a P/E/G ratio of 3.35 and a beta of 1.06. The company has a current ratio of 1.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.08. Cadence Design Systems has a fifty-two week low of $202.08 and a fifty-two week high of $327.36.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $1 billion. During the same period last year, the firm earned $1.02 EPS. The firm's revenue was down 1.2% compared to the same quarter last year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale increased its stake in Cadence Design Systems by 34.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker's stock valued at $91,775,000 after buying an additional 99,251 shares during the period. USA Financial Formulas increased its stake in shares of Cadence Design Systems by 380.7% during the 4th quarter. USA Financial Formulas now owns 8,922 shares of the software maker's stock worth $2,430,000 after purchasing an additional 7,066 shares during the last quarter. Miracle Mile Advisors LLC acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $934,000. Pacer Advisors Inc. increased its stake in shares of Cadence Design Systems by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker's stock worth $11,006,000 after purchasing an additional 3,484 shares during the last quarter. Finally, Patton Fund Management Inc. acquired a new position in shares of Cadence Design Systems during the 4th quarter worth $5,264,000. Institutional investors and hedge funds own 84.85% of the company's stock.

Insiders Place Their Bets

In other news, CEO Anirudh Devgan sold 48,533 shares of Cadence Design Systems stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $302.50, for a total value of $14,681,232.50. Following the transaction, the chief executive officer now directly owns 67,812 shares of the company's stock, valued at $20,513,130. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Aneel Zaman sold 1,207 shares of the business's stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Anirudh Devgan sold 48,533 shares of the business's stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $302.50, for a total transaction of $14,681,232.50. Following the sale, the chief executive officer now owns 67,812 shares in the company, valued at approximately $20,513,130. The disclosure for this sale can be found here. In the last quarter, insiders have sold 107,798 shares of company stock worth $32,816,684. Company insiders own 0.62% 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.