Cadence Design Systems (NASDAQ:CDNS) Releases Q2 2024 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 1.200-1.240 for the period, compared to the consensus estimate of 1.430. The company issued revenue guidance of $1.0 billion-$1.1 billion, compared to the consensus revenue estimate of $1.1 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.880-5.980 EPS.

Cadence Design Systems Price Performance

Shares of NASDAQ CDNS opened at $285.02 on Tuesday. The stock’s 50-day moving average is $305.09 and its two-hundred day moving average is $280.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.24 and a quick ratio of 1.13. Cadence Design Systems has a 1-year low of $194.01 and a 1-year high of $327.36. The company has a market cap of $77.59 billion, a price-to-earnings ratio of 74.61, a price-to-earnings-growth ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last issued 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. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the business earned $1.02 EPS. Cadence Design Systems’s revenue was down 1.2% on a year-over-year basis. Analysts forecast that Cadence Design Systems will post 4.81 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CDNS has been the topic of several recent research reports. Needham & Company LLC restated a buy rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Friday. StockNews.com cut Cadence Design Systems from a buy rating to a hold rating in a research report on Tuesday, April 16th. Morgan Stanley raised Cadence Design Systems from an equal weight rating to an overweight rating and upped their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Stifel Nicolaus upped their price objective 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. Finally, Rosenblatt Securities reaffirmed a neutral rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems has an average rating of Moderate Buy and an average target price of $318.10.

Insiders Place Their Bets

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the transaction, the vice president now directly owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Aneel Zaman sold 1,207 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the transaction, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The disclosure for this sale can be found here. In the last ninety days, insiders sold 177,544 shares of company stock valued at $53,581,207. 0.62% of the stock is owned by company insiders.

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.