Q3 2024 Earnings Estimate for Cadence Design Systems, Inc. (NASDAQ:CDNS) Issued By Zacks Research

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Equities research analysts at Zacks Research reduced their Q3 2024 earnings estimates for shares of Cadence Design Systems in a research report issued on Thursday, April 18th. Zacks Research analyst V. Doshi now anticipates that the software maker will post earnings of $1.27 per share for the quarter, down from their previous forecast of $1.30. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.81 per share. Zacks Research also issued estimates for Cadence Design Systems’ Q4 2024 earnings at $1.42 EPS, FY2024 earnings at $4.76 EPS, Q2 2025 earnings at $1.36 EPS, Q3 2025 earnings at $1.45 EPS, Q4 2025 earnings at $1.56 EPS and FY2025 earnings at $5.54 EPS.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 EPS for the quarter, beating the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the company posted $0.75 EPS. Cadence Design Systems’s revenue was up 18.8% on a year-over-year basis.

Several other equities research analysts have also issued reports on the stock. Piper Sandler began coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 price objective for the company. KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Rosenblatt Securities lowered shares of Cadence Design Systems from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $265.00 to $280.00 in a research report on Tuesday, February 13th. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday. Finally, Robert W. Baird boosted their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $318.10.

Cadence Design Systems Stock Down 2.0 %

CDNS stock opened at $280.25 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 1 year low of $194.01 and a 1 year high of $327.36. The company has a fifty day simple moving average of $305.52 and a 200 day simple moving average of $280.37. The firm has a market cap of $76.30 billion, a PE ratio of 73.36, a PEG ratio of 3.41 and a beta of 1.04.

Institutional Trading of Cadence Design Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CDNS. DekaBank Deutsche Girozentrale grew its stake in Cadence Design Systems by 34.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 386,993 shares of the software maker’s stock worth $91,775,000 after buying an additional 99,251 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in Cadence Design Systems during the fourth quarter worth about $934,000. Pacer Advisors Inc. grew its stake in Cadence Design Systems by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 40,409 shares of the software maker’s stock worth $11,006,000 after buying an additional 3,484 shares during the last quarter. Patton Fund Management Inc. bought a new stake in Cadence Design Systems during the fourth quarter worth about $5,264,000. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in Cadence Design Systems during the fourth quarter worth about $55,443,000. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In other news, CEO Anirudh Devgan sold 1,454 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the transaction, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The sale was disclosed in a document filed 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 dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $441,870.60. Following the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at $41,468,674.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares in the company, valued at approximately $15,498,015.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 177,544 shares of company stock valued at $53,581,207. 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.