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

Cadence Design Systems (NASDAQ:CDNS) will announce its earnings results after the market closes on Monday, April 22nd. Analysts expect the company to announce 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.Investors 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. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the business posted $0.75 earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. 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 Trading Down 2.0 %

Shares of Cadence Design Systems stock opened at $280.25 on Friday. Cadence Design Systems has a 52-week low of $194.01 and a 52-week high of $327.36. The company has a quick ratio of 1.13, a current ratio of 1.24 and a debt-to-equity ratio of 0.09. The company’s 50-day simple moving average is $305.52 and its 200-day simple moving average is $279.70. The firm has a market cap of $76.29 billion, a price-to-earnings ratio of 73.36, a price-to-earnings-growth ratio of 3.57 and a beta of 1.04.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. Stifel Nicolaus boosted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Piper Sandler started coverage on shares of Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research report on Friday. Finally, Wells Fargo & Company upped their target price on shares of Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus price target of $318.10.

Insider Buying and Selling at Cadence Design Systems

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

Institutional Trading of Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Harbour Investments Inc. lifted its stake in shares of Cadence Design Systems by 66.1% during the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after buying an additional 39 shares during the period. Quarry LP raised its stake in Cadence Design Systems by 550.0% during the fourth quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after purchasing an additional 88 shares during the period. Atlas Capital Advisors LLC raised its stake in Cadence Design Systems by 322.6% during the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after purchasing an additional 100 shares during the period. Zions Bancorporation N.A. raised its stake in Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares during the period. Finally, State of Wyoming purchased a new position in Cadence Design Systems during the second quarter worth approximately $39,000. Hedge funds and other institutional investors own 84.85% 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.