Cadence Design Systems (CDNS) to Release Earnings on Monday

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) will post its quarterly earnings results after the market closes on Monday, April 22nd. Analysts expect Cadence Design Systems to post earnings of $1.13 per share for the quarter. Cadence Design Systems has set its Q1 guidance at $1.10-$1.14 EPS and its FY24 guidance at $5.87-$5.97 EPS.Individual that are interested in participating in the company's earnings conference call can do so using this link.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share for the quarter, beating analysts' consensus estimates of $1.33 by $0.05. The company had revenue of $1.07 billion for the quarter, compared to analysts' expectations of $1.06 billion. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. Cadence Design Systems's revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.75 EPS. On average, analysts expect Cadence Design Systems to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Cadence Design Systems Trading Down 1.4 %

Shares of CDNS traded down $4.29 during mid-day trading on Monday, reaching $301.56. 1,310,553 shares of the company's stock traded hands, compared to its average volume of 1,478,211. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. The stock has a market cap of $82.10 billion, a P/E ratio of 78.94, a P/E/G ratio of 3.72 and a beta of 1.04. The stock's 50-day moving average is $306.57 and its two-hundred day moving average is $278.78.

Insider Buying and Selling

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $315.40, for a total value of $760,744.80. Following the sale, the director now owns 22,923 shares of the company's stock, valued at approximately $7,229,914.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO John M. Wall sold 36,000 shares of the firm's stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $277.46, for a total transaction of $9,988,560.00. Following the sale, the chief financial officer now owns 80,594 shares of the company's stock, valued at approximately $22,361,611.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James D. Plummer sold 2,412 shares of the company's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the completion of the transaction, the director now directly owns 22,923 shares of the company's stock, valued at $7,229,914.20. The disclosure for this sale can be found here. Insiders sold 212,044 shares of company stock valued at $63,106,522 in the last three months. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Cibc World Market Inc. grew its holdings in shares of Cadence Design Systems by 2.7% during the first quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker's stock worth $3,541,000 after purchasing an additional 571 shares during the last quarter. Prudential PLC purchased a new position in shares of Cadence Design Systems during the first quarter worth approximately $1,160,000. Loomis Sayles & Co. L P increased its holdings in shares of Cadence Design Systems by 1,030.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker's stock valued at $457,000 after acquiring an additional 2,534 shares during the period. Zions Bancorporation N.A. raised its position in Cadence Design Systems by 108.3% in the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker's stock valued at $37,000 after purchasing an additional 117 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Cadence Design Systems by 26.8% in the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker's stock valued at $2,669,000 after purchasing an additional 3,433 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company's stock.

Analyst Upgrades and Downgrades

CDNS has been the topic of several analyst reports. Piper Sandler initiated coverage on shares of Cadence Design Systems in a research report on Thursday, April 4th. They set a "neutral" rating and a $334.00 price target on the stock. Rosenblatt Securities downgraded Cadence Design Systems from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, February 13th. Wells Fargo & Company increased their price objective on shares of Cadence Design Systems from $310.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 6th. Finally, StockNews.com raised Cadence Design Systems from a "hold" rating to a "buy" rating in a research report on Tuesday, March 12th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $314.10.

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.