FY2024 EPS Estimates for CDNS Boosted by Griffin Securities

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Analysts at Griffin Securities upped their FY2024 earnings per share estimates for shares of Cadence Design Systems in a research report issued on Tuesday, October 29th. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will earn $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 announced its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.44 by $0.20. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share.

Other analysts have also issued research reports about the stock. Piper Sandler raised shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a report on Tuesday, August 6th. Rosenblatt Securities restated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday. Oppenheimer assumed coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price target on the stock. Robert W. Baird boosted their price objective on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Berenberg Bank initiated coverage on shares of Cadence Design Systems in a research report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $323.17.

Cadence Design Systems Trading Up 2.2 %

CDNS opened at $282.09 on Friday. Cadence Design Systems has a 1-year low of $241.29 and a 1-year high of $328.99. The stock has a market capitalization of $77.24 billion, a PE ratio of 74.04, a PEG ratio of 3.55 and a beta of 1.02. The company has a current ratio of 2.45, a quick ratio of 1.32 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $267.18 and a two-hundred day moving average price of $281.86.

Insiders Place Their Bets

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the transaction, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total transaction of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares in the company, valued at approximately $11,928,186.66. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,697 shares of company stock worth $7,555,216. Company insiders own 1.99% of the company’s stock.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter worth about $26,000. ORG Partners LLC raised its stake in Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the period. Hollencrest Capital Management lifted its position in shares of Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after buying an additional 102 shares during the last quarter. Chilton Capital Management LLC boosted its stake 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 acquiring an additional 122 shares during the period. Finally, Larson Financial Group LLC increased 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 acquiring an additional 123 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

Cadence Design Systems Company Profile

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.