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

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Stock analysts at Griffin Securities decreased their Q3 2024 earnings per share estimates for Cadence Design Systems in a research note issued on Tuesday, July 23rd. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will post earnings of $1.08 per share for the quarter, down from their prior estimate of $1.33. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.73 per share. Griffin Securities also issued estimates for Cadence Design Systems’ FY2024 earnings at $4.64 EPS, Q1 2025 earnings at $1.22 EPS, Q2 2025 earnings at $1.35 EPS, Q3 2025 earnings at $1.40 EPS, Q4 2025 earnings at $1.43 EPS and FY2025 earnings at $5.39 EPS.

Other research analysts have also issued reports about the company. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a report on Tuesday. KeyCorp increased their price target on shares of Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Piper Sandler restated a “neutral” rating and set a $318.00 price objective on shares of Cadence Design Systems in a research note on Wednesday, July 10th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Bank of America raised their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $334.56.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $258.38 on Friday. The company has a market cap of $70.39 billion, a price-to-earnings ratio of 67.29, a PEG ratio of 3.21 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.19. The stock’s fifty day moving average price is $301.72 and its 200 day moving average price is $297.83. Cadence Design Systems has a 1 year low of $217.77 and a 1 year high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. Cadence Design Systems’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CDNS. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems during the 1st quarter worth approximately $25,000. Valley National Advisers Inc. increased its position in shares of Cadence Design Systems by 90.4% during the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after purchasing an additional 47 shares in the last quarter. RiverPark Advisors LLC acquired a new position in Cadence Design Systems in the 1st quarter valued at $26,000. ORG Partners LLC lifted its holdings in Cadence Design Systems by 911.1% in the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after purchasing an additional 82 shares in the last quarter. Finally, Annapolis Financial Services LLC acquired a new stake in Cadence Design Systems during the 1st quarter worth $32,000. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now owns 49,551 shares in the company, valued at $14,228,074.14. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Paul Cunningham sold 1,000 shares of Cadence Design Systems stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $275.36, for a total value of $275,360.00. Following the sale, the vice president now owns 67,144 shares of the company’s stock, valued at approximately $18,488,771.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the transaction, the director now owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,134 shares of company stock worth $14,987,093. 1.99% of the stock is owned by company insiders.

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.