KeyCorp Comments on Cadence Design Systems, Inc.’s Q1 2023 Earnings (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Rating) – KeyCorp increased their Q1 2023 earnings per share (EPS) estimates for Cadence Design Systems in a note issued to investors on Monday, April 25th. KeyCorp analyst J. Celino now forecasts that the software maker will post earnings per share of $0.79 for the quarter, up from their previous forecast of $0.75. KeyCorp has a “Overweight” rating and a $215.00 price objective on the stock. KeyCorp also issued estimates for Cadence Design Systems’ Q2 2023 earnings at $0.86 EPS, Q3 2023 earnings at $0.95 EPS, Q4 2023 earnings at $1.03 EPS and FY2023 earnings at $3.63 EPS.

Cadence Design Systems (NASDAQ:CDNS – Get Rating) last issued its quarterly earnings data on Monday, April 25th. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.15. Cadence Design Systems had a return on equity of 28.70% and a net margin of 23.29%. The firm had revenue of $902.00 million for the quarter, compared to analyst estimates of $859.63 million. During the same period in the prior year, the firm posted $0.67 EPS. The company’s revenue for the quarter was up 22.6% on a year-over-year basis.

CDNS has been the subject of a number of other reports. Rosenblatt Securities upped their target price on Cadence Design Systems from $173.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, February 23rd. Needham & Company LLC upped their target price on Cadence Design Systems from $185.00 to $193.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group upped their target price on Cadence Design Systems from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Tuesday. StockNews.com started coverage on Cadence Design Systems in a research report on Thursday, March 31st. They set a “buy” rating for the company. Finally, JPMorgan Chase & Co. dropped their price objective on Cadence Design Systems from $185.00 to $175.00 and set a “neutral” rating for the company in a research report on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $184.58.

NASDAQ:CDNS opened at $153.41 on Thursday. The stock has a fifty day moving average price of $153.48 and a 200-day moving average price of $163.55. The company has a market cap of $42.50 billion, a price-to-earnings ratio of 61.61, a PEG ratio of 3.39 and a beta of 1.13. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.65 and a current ratio of 1.77. Cadence Design Systems has a fifty-two week low of $118.11 and a fifty-two week high of $192.70.

In other news, insider Lip Bu Tan sold 40,000 shares of the stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $154.80, for a total value of $6,192,000.00. Following the completion of the sale, the insider now owns 652,176 shares of the company’s stock, valued at $100,956,844.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 1,000 shares of the stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $134.63, for a total value of $134,630.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 206,043 shares of company stock valued at $31,402,794. Insiders own 1.99% of the company’s stock.

Several hedge funds have recently modified their holdings of CDNS. CVA Family Office LLC increased its stake in shares of Cadence Design Systems by 433.3% in the first quarter. CVA Family Office LLC now owns 160 shares of the software maker’s stock valued at $26,000 after buying an additional 130 shares during the period. Jacobi Capital Management LLC acquired a new stake in shares of Cadence Design Systems in the third quarter valued at about $27,000. Riverview Trust Co acquired a new stake in shares of Cadence Design Systems in the first quarter valued at about $27,000. Bell Investment Advisors Inc acquired a new stake in shares of Cadence Design Systems in the third quarter valued at about $35,000. Finally, Selective Wealth Management Inc. acquired a new stake in shares of Cadence Design Systems in the fourth quarter valued at about $37,000. 83.85% of the stock is owned by institutional investors.

Cadence Design Systems Company Profile (Get Rating)

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.

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