Cadence Design Systems (NASDAQ:CDNS) Issues FY 2024 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 5.880-5.980 for the period, compared to the consensus earnings per share estimate of 5.940. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Cadence Design Systems also updated its FY24 guidance to $5.88-$5.98 EPS.

Analyst Ratings Changes

A number of brokerages have weighed in on CDNS. Needham & Company LLC restated a buy rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Friday. StockNews.com lowered Cadence Design Systems from a buy rating to a hold rating in a report on Tuesday, April 16th. Rosenblatt Securities restated a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday. KeyCorp raised their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the company an overweight rating in a report on Monday, April 15th. Finally, Morgan Stanley upgraded Cadence Design Systems from an equal weight rating to an overweight rating and lifted their price target for the stock from $260.00 to $350.00 in a report on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $318.10.

Cadence Design Systems Trading Up 1.7 %

NASDAQ CDNS traded up $4.77 during trading hours on Monday, reaching $285.02. The company had a trading volume of 2,739,894 shares, compared to its average volume of 1,514,106. The stock has a 50-day moving average of $305.09 and a 200 day moving average of $280.73. Cadence Design Systems has a 1-year low of $194.01 and a 1-year 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 stock has a market capitalization of $77.59 billion, a P/E ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04.

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 analysts' consensus estimates of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1 billion. During the same quarter in the prior year, the company posted $1.02 earnings per share. Cadence Design Systems's revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, research analysts anticipate that Cadence Design Systems will post 4.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, Director James D. Plummer sold 2,412 shares of the company's stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $315.40, for a total value of $760,744.80. Following the transaction, the director now owns 22,923 shares of the company's stock, valued at $7,229,914.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cadence Design Systems news, CFO John M. Wall sold 21,700 shares of the business's stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $311.40, for a total transaction of $6,757,380.00. Following the sale, the chief financial officer now directly owns 41,035 shares in the company, valued at $12,778,299. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James D. Plummer sold 2,412 shares of the business's stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now owns 22,923 shares in the company, valued at $7,229,914.20. The disclosure for this sale can be found here. Insiders have sold 177,544 shares of company stock valued at $53,581,207 over the last 90 days. 0.62% of the stock is owned by 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.