Cadence Design Systems (NASDAQ:CDNS) Updates FY24 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $5.87-5.93 for the period, compared to the consensus estimate of $5.89. The company issued revenue guidance of $4.61-4.65 billion, compared to the consensus revenue estimate of $4.63 billion.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research note on Tuesday, August 6th. Mizuho began coverage on shares of Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective on the stock. Berenberg Bank assumed coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems presently has an average rating of “Moderate Buy” and an average target price of $323.42.

Cadence Design Systems Trading Down 1.8 %

Shares of Cadence Design Systems stock traded down $4.53 on Monday, hitting $252.77. The stock had a trading volume of 2,781,866 shares, compared to its average volume of 1,739,344. The stock’s 50-day simple moving average is $267.42 and its two-hundred day simple moving average is $282.53. Cadence Design Systems has a one year low of $230.65 and a one year high of $328.99. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The stock has a market cap of $68.86 billion, a price-to-earnings ratio of 65.70, a PEG ratio of 3.03 and a beta of 1.02.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the transaction, the director now owns 45,051 shares in the company, valued at $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $266.24, for a total transaction of $173,056.00. Following the completion of the sale, the vice president now owns 65,194 shares of the company’s stock, valued at $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is currently 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.