Cadence Design Systems (NASDAQ:CDNS) Updates FY24 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $5.88-$5.98 for the period, compared to the consensus EPS estimate of $5.93. The company issued revenue guidance of $4.56-$4.62 billion, compared to the consensus revenue estimate of $4.59 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Cadence Design Systems Price Performance

CDNS traded down $0.58 during midday trading on Thursday, hitting $277.08. The company had a trading volume of 2,044,148 shares, compared to its average volume of 1,572,117. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.13 and a current ratio of 1.32. The company has a market capitalization of $75.43 billion, a PE ratio of 72.31, a P/E/G ratio of 3.43 and a beta of 1.04. Cadence Design Systems has a twelve month low of $198.92 and a twelve month high of $327.36. The firm’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 issued its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, topping the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter in the previous year, the company earned $1.02 EPS. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. Equities research analysts predict that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on CDNS shares. Needham & Company LLC reissued a buy rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday, April 19th. Stifel Nicolaus upped their price objective on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a buy rating in a report on Tuesday, February 13th. Wells Fargo & Company upped their price objective on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an overweight rating in a report on Tuesday, April 16th. Rosenblatt Securities reissued a neutral rating and issued a $280.00 target price on shares of Cadence Design Systems in a research report on Monday. Finally, StockNews.com raised shares of Cadence Design Systems from a hold rating to a buy rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $316.50.

Insider Buying and Selling

In other Cadence Design Systems news, SVP Karna Nisewaner sold 600 shares of Cadence Design Systems stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $186,276.00. Following the completion of the transaction, the senior vice president now owns 21,080 shares of the company’s stock, valued at approximately $6,544,496.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value 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 SEC, which is available through the SEC website. Also, SVP Karna Nisewaner sold 600 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $310.46, for a total value of $186,276.00. Following the completion of the sale, the senior vice president now directly owns 21,080 shares in the company, valued at $6,544,496.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 173,044 shares of company stock valued at $52,231,207. 1.99% 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.