Cadence Design Systems (CDNS) Scheduled to Post Earnings on Monday

Cadence Design Systems (NASDAQ:CDNS) is scheduled to be releasing its earnings data after the market closes on Monday, April 22nd. Analysts expect Cadence Design Systems to post earnings of $1.13 per share for the quarter. Cadence Design Systems has set its Q1 guidance at $1.10-$1.14 EPS and its FY24 guidance at $5.87-$5.97 EPS.Parties interested in participating in the company’s conference call can do so using this link.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.75 earnings per share. On average, analysts expect Cadence Design Systems to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $280.25 on Friday. The business’s fifty day simple moving average is $305.52 and its 200-day simple moving average is $279.70. The company has a market cap of $76.29 billion, a PE ratio of 73.36, a PEG ratio of 3.57 and a beta of 1.04. 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 12-month low of $194.01 and a 12-month high of $327.36.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now directly owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total value of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,544 shares of company stock valued at $53,581,207. Company insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently modified their holdings of CDNS. Cibc World Market Inc. boosted its stake in shares of Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after acquiring an additional 571 shares in the last quarter. Prudential PLC purchased a new stake in shares of Cadence Design Systems during the 1st quarter worth about $1,160,000. Loomis Sayles & Co. L P boosted its stake in shares of Cadence Design Systems by 1,030.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock worth $457,000 after acquiring an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in shares of Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after acquiring an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Cadence Design Systems by 26.8% during the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock worth $2,669,000 after acquiring an additional 3,433 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CDNS has been the topic of a number of recent analyst reports. Stifel Nicolaus upped their price target on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. KeyCorp upped their price target on 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 downgraded Cadence Design Systems from a “buy” rating to a “neutral” rating and upped their target price for the company from $265.00 to $280.00 in a research report on Tuesday, February 13th. Piper Sandler assumed coverage on Cadence Design Systems in a research report on Thursday, April 4th. They issued a “neutral” rating and a $334.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Cadence Design Systems in a research report on Friday. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $318.10.

Cadence Design Systems Company Profile

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.