FY2023 Earnings Estimate for Cadence Design Systems, Inc. (NASDAQ:CDNS) Issued By Zacks Research

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Stock analysts at Zacks Research lifted their FY2023 earnings per share (EPS) estimates for shares of Cadence Design Systems in a research note issued on Monday, November 6th. Zacks Research analyst V. Doshi now expects that the software maker will post earnings per share of $4.12 for the year, up from their previous forecast of $4.07. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.13 per share. Zacks Research also issued estimates for Cadence Design Systems’ Q4 2023 earnings at $1.07 EPS, Q3 2024 earnings at $1.09 EPS, Q4 2024 earnings at $1.15 EPS, FY2024 earnings at $4.36 EPS, Q1 2025 earnings at $1.17 EPS and Q2 2025 earnings at $1.20 EPS.

A number of other analysts also recently issued reports on CDNS. Stifel Nicolaus raised Cadence Design Systems from a “hold” rating to a “buy” rating and lifted their target price for the company from $210.00 to $300.00 in a research report on Thursday, July 20th. KeyCorp lifted their target price on Cadence Design Systems from $270.00 to $290.00 and gave the company an “overweight” rating in a research report on Thursday, September 14th. StockNews.com initiated coverage on Cadence Design Systems in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Bank of America lifted their price target on Cadence Design Systems from $285.00 to $305.00 in a report on Tuesday, October 10th. Finally, Wells Fargo & Company lifted their price target on Cadence Design Systems from $250.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, July 18th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $265.00.

Cadence Design Systems Price Performance

NASDAQ:CDNS opened at $256.45 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.31 and a current ratio of 1.44. The stock’s 50-day simple moving average is $240.89 and its 200 day simple moving average is $231.01. The company has a market cap of $69.77 billion, a P/E ratio of 73.06, a P/E/G ratio of 3.15 and a beta of 1.04. Cadence Design Systems has a 52-week low of $154.88 and a 52-week high of $259.49.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, October 23rd. The software maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.06. Cadence Design Systems had a return on equity of 34.64% and a net margin of 24.42%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter last year, the business posted $0.79 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CDNS. OFI Invest Asset Management acquired a new position in Cadence Design Systems during the third quarter valued at approximately $26,000. AllSquare Wealth Management LLC acquired a new position in Cadence Design Systems during the first quarter valued at approximately $27,000. VisionPoint Advisory Group LLC acquired a new position in Cadence Design Systems during the second quarter valued at approximately $27,000. Barrett & Company Inc. acquired a new position in Cadence Design Systems during the first quarter valued at approximately $30,000. Finally, Atlas Capital Advisors LLC increased its holdings in shares of Cadence Design Systems by 322.6% during the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after buying an additional 100 shares in the last quarter. 83.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cadence Design Systems

In other news, Director Mark Adams sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total transaction of $96,320.00. Following the completion of the sale, the director now owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Mark Adams sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $240.80, for a total transaction of $96,320.00. Following the completion of the sale, the director now owns 11,007 shares in the company, valued at $2,650,485.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $241.26, for a total value of $965,040.00. Following the completion of the sale, the director now owns 66,683 shares of the company’s stock, valued at $16,087,940.58. The disclosure for this sale can be found here. Insiders sold a total of 21,279 shares of company stock worth $5,049,575 over the last quarter. Company insiders own 1.99% of the company’s stock.

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.