Griffin Securities Analysts Lift Earnings Estimates for CDNS

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Investment analysts at Griffin Securities increased their FY2024 earnings estimates for Cadence Design Systems in a research note issued to investors on Tuesday, October 29th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will post earnings of $4.70 per share for the year, up from their prior forecast of $4.64. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.75 per share. Griffin Securities also issued estimates for Cadence Design Systems’ Q1 2025 earnings at $1.10 EPS, Q2 2025 earnings at $1.22 EPS, Q3 2025 earnings at $1.35 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.25 EPS.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the business posted $1.01 earnings per share. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year.

A number of other brokerages have also recently issued reports on CDNS. Berenberg Bank began 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. Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Needham & Company LLC dropped their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday. Finally, Oppenheimer assumed coverage on Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $323.17.

Cadence Design Systems Trading Down 4.8 %

Shares of Cadence Design Systems stock opened at $276.12 on Friday. The firm has a 50-day moving average of $267.02 and a 200-day moving average of $281.99. The stock has a market cap of $75.61 billion, a PE ratio of 72.47, a PEG ratio of 3.55 and a beta of 1.02. Cadence Design Systems has a 52-week low of $233.51 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.32 and a current ratio of 2.45.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the business. RiverPark Advisors LLC bought a new position in shares of Cadence Design Systems during the 1st quarter worth approximately $26,000. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after buying an additional 82 shares in the last quarter. Hollencrest Capital Management boosted its holdings in shares of Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock worth $37,000 after buying an additional 102 shares in the last quarter. Chilton Capital Management LLC boosted its holdings in shares of Cadence Design Systems by 244.0% during the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock worth $53,000 after buying an additional 122 shares in the last quarter. Finally, Larson Financial Group LLC boosted its holdings in shares of Cadence Design Systems by 159.7% during the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock worth $62,000 after buying an additional 123 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors.

Insider Activity at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the sale, the director now directly owns 45,051 shares in the company, valued at $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the sale, the director now directly owns 45,051 shares in the company, valued at $12,444,888.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,697 shares of company stock worth $7,555,216 over the last ninety days. Insiders own 1.99% of the company’s stock.

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.