Q4 EPS Estimates for CDNS Lowered by Griffin Securities

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Griffin Securities lowered their Q4 2024 EPS estimates for Cadence Design Systems in a research note issued on Tuesday, October 29th. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will post earnings per share of $1.48 for the quarter, down from their previous estimate of $1.67. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.73 per share.

Cadence Design Systems (NASDAQ:CDNS) last announced 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. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS.

A number of other equities analysts also recently commented on the stock. Oppenheimer began coverage on shares of Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective for the company. Berenberg Bank assumed coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price objective on the stock. Rosenblatt Securities reissued a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Tuesday. Robert W. Baird boosted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Mizuho initiated coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $323.17.

Cadence Design Systems Stock Down 4.8 %

CDNS opened at $276.12 on Thursday. The company has a market capitalization of $75.61 billion, a P/E ratio of 72.47, a P/E/G ratio of 3.03 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm’s fifty day moving average price is $267.02 and its two-hundred day moving average price is $281.99. Cadence Design Systems has a fifty-two week low of $233.51 and a fifty-two week high of $328.99.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNS. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at $26,000. ORG Partners LLC raised its position in shares of 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 acquiring an additional 82 shares during the period. Hollencrest Capital Management boosted its stake in 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 acquiring an additional 102 shares during the last quarter. Chilton Capital Management LLC grew its holdings in Cadence Design Systems by 244.0% during the second quarter. Chilton Capital Management LLC now owns 172 shares of the software maker’s stock valued at $53,000 after purchasing an additional 122 shares during the period. Finally, Larson Financial Group LLC increased its stake in Cadence Design Systems by 159.7% in the second quarter. Larson Financial Group LLC now owns 200 shares of the software maker’s stock valued at $62,000 after purchasing an additional 123 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Chin-Chi Teng sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now owns 95,408 shares in the company, valued at $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.24, for a total value of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares of the company’s stock, valued at approximately $12,444,888.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,697 shares of company stock worth $7,555,216. 1.99% of the stock is currently owned by corporate 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.