Griffin Securities Analysts Cut Earnings Estimates for Cadence Design Systems, Inc. (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Equities research analysts at Griffin Securities dropped their Q2 2024 earnings per share (EPS) estimates for shares of Cadence Design Systems in a research report issued on Tuesday, April 23rd. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will post earnings per share of $0.95 for the quarter, down from their prior estimate of $1.23. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.79 per share. Griffin Securities also issued estimates for Cadence Design Systems’ Q3 2024 earnings at $1.33 EPS, Q4 2024 earnings at $1.54 EPS, FY2024 earnings at $4.71 EPS, Q2 2025 earnings at $1.28 EPS, Q3 2025 earnings at $1.32 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.35 EPS.

Other research analysts have also issued research reports about the company. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research report on Monday, April 22nd. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research report on Wednesday. KeyCorp lifted their target price on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Morgan Stanley upgraded Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Friday, April 19th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $326.11.

Cadence Design Systems Stock Up 1.9 %

NASDAQ:CDNS opened at $282.41 on Friday. The firm has a market capitalization of $76.88 billion, a price-to-earnings ratio of 73.54, a price-to-earnings-growth ratio of 3.26 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 stock’s 50 day moving average price is $303.85 and its two-hundred day moving average price is $281.19. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.02 EPS.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $299.42, for a total value of $449,130.00. Following the completion of the sale, the director now directly owns 53,183 shares in the company, valued at approximately $15,924,053.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 in the last ninety days. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

A number of institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust lifted its position in shares of Cadence Design Systems by 8.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after acquiring an additional 38 shares during the period. Highview Capital Management LLC DE raised its holdings in shares of Cadence Design Systems by 0.8% during the 4th quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock worth $1,411,000 after buying an additional 39 shares in the last quarter. Fiduciary Trust Co raised its holdings in shares of Cadence Design Systems by 0.6% during the 4th quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock worth $1,833,000 after buying an additional 39 shares in the last quarter. GraniteShares Advisors LLC raised its holdings in shares of Cadence Design Systems by 1.2% during the 1st quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock worth $1,080,000 after buying an additional 40 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC raised its holdings in shares of Cadence Design Systems by 4.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock worth $296,000 after buying an additional 41 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

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.