CDNS FY2024 EPS Estimate Increased by Griffin Securities

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Griffin Securities lifted their FY2024 earnings estimates for Cadence Design Systems in a research note issued on Tuesday, October 29th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will earn $4.70 per share for the year, up from their previous 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 posted its quarterly earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter last year, the business posted $1.01 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis.

A number of other equities research analysts have also weighed in on the company. Oppenheimer began coverage on Cadence Design Systems in a research report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday. Robert W. Baird lifted their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday. 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 report on Tuesday, August 6th. Finally, Mizuho initiated coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $323.17.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $282.09 on Friday. The firm has a 50 day simple moving average of $267.18 and a 200 day simple moving average of $281.86. The company has a market cap of $77.24 billion, a price-to-earnings ratio of 74.04, a PEG ratio of 3.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 1.32. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99.

Insider Buying and Selling

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total transaction of $2,659,100.00. Following the completion of the sale, the chief financial officer now directly owns 38,654 shares in the company, valued at approximately $10,278,485.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the transaction, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. 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 can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, 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 sold 27,697 shares of company stock valued at $7,555,216 over the last quarter. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Capital Market Strategies LLC increased its stake in Cadence Design Systems by 3.1% in the second quarter. Capital Market Strategies LLC now owns 1,300 shares of the software maker’s stock valued at $400,000 after purchasing an additional 39 shares in the last quarter. Dudley Capital Management LLC grew its stake in shares of Cadence Design Systems by 4.3% in the 3rd quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock valued at $257,000 after buying an additional 39 shares during the period. Inspire Advisors LLC increased its position in Cadence Design Systems by 1.8% in the 1st quarter. Inspire Advisors LLC now owns 2,229 shares of the software maker’s stock valued at $694,000 after buying an additional 40 shares in the last quarter. Trust Point Inc. raised its stake in Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock worth $379,000 after buying an additional 40 shares during the period. Finally, Falcon Wealth Planning boosted its holdings in Cadence Design Systems by 5.1% in the third quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after acquiring an additional 40 shares in the last quarter. Institutional investors and hedge funds 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.