Q1 2023 EPS Estimates for Cadence Design Systems, Inc. (NASDAQ:CDNS) Increased by Analyst

Cadence Design Systems, Inc. (NASDAQ:CDNSGet Rating) – Investment analysts at Griffin Securities increased their Q1 2023 earnings per share (EPS) estimates for shares of Cadence Design Systems in a report issued on Tuesday, April 26th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will post earnings per share of $0.71 for the quarter, up from their previous forecast of $0.66. Griffin Securities also issued estimates for Cadence Design Systems’ Q2 2023 earnings at $0.79 EPS, Q3 2023 earnings at $0.87 EPS, Q4 2023 earnings at $0.97 EPS and FY2023 earnings at $3.34 EPS.

Cadence Design Systems (NASDAQ:CDNSGet Rating) last issued its quarterly earnings data on Monday, April 25th. The software maker reported $1.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 company had revenue of $902.00 million during the quarter, compared to analyst estimates of $859.63 million. During the same quarter in the previous year, the company posted $0.67 earnings per share. Cadence Design Systems’s revenue was up 22.6% compared to the same quarter last year.

Several other analysts have also commented on the company. Zacks Investment Research raised Cadence Design Systems from a “hold” rating to a “buy” rating and set a $161.00 price objective for the company in a report on Thursday. UBS Group boosted their price target on Cadence Design Systems from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Tuesday. StockNews.com assumed coverage on Cadence Design Systems in a report on Thursday, March 31st. They set a “buy” rating for the company. Bank of America boosted their price target on Cadence Design Systems from $160.00 to $180.00 and gave the company an “underperform” rating in a report on Monday, January 10th. Finally, KeyCorp boosted their price target on Cadence Design Systems from $205.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Buy” and a consensus target price of $184.58.

Shares of CDNS opened at $153.41 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.77 and a quick ratio of 1.65. Cadence Design Systems has a one year low of $118.11 and a one year high of $192.70. The firm has a market capitalization of $42.50 billion, a P/E ratio of 61.61, a PEG ratio of 3.39 and a beta of 1.13. The business has a fifty day moving average of $153.48 and a 200 day moving average of $163.55.

A number of hedge funds have recently modified their holdings of CDNS. CVA Family Office LLC raised its position in Cadence Design Systems by 433.3% during the first quarter. CVA Family Office LLC now owns 160 shares of the software maker’s stock valued at $26,000 after purchasing an additional 130 shares during the period. Jacobi Capital Management LLC purchased a new stake in Cadence Design Systems during the third quarter valued at approximately $27,000. Riverview Trust Co purchased a new stake in Cadence Design Systems during the first quarter valued at approximately $27,000. Bell Investment Advisors Inc purchased a new stake in Cadence Design Systems during the third quarter valued at approximately $35,000. Finally, Selective Wealth Management Inc. purchased a new stake in Cadence Design Systems during the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

In related news, Chairman Lip Bu Tan sold 400 shares of the business’s stock in a transaction dated Wednesday, February 23rd. The stock was sold at an average price of $150.61, for a total value of $60,244.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The stock was 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. Insiders sold 206,043 shares of company stock worth $31,402,794 over the last 90 days. Company insiders own 1.99% of the company’s stock.

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.

Recommended Stories

Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.