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

Cadence Design Systems (NASDAQ:CDNS) will be releasing its earnings data after the market closes on Monday, April 22nd. Analysts expect Cadence Design Systems to post 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.Persons interested in participating in the company’s earnings conference call can do so using this link.

Cadence Design Systems (NASDAQ:CDNS) last issued its 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. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.06 billion. Cadence Design Systems had a return on equity of 35.57% and a net margin of 25.46%. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 EPS. 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 Stock Performance

Shares of CDNS stock opened at $305.85 on Monday. The company has a market cap of $83.26 billion, a price-to-earnings ratio of 80.07, a price-to-earnings-growth ratio of 3.72 and a beta of 1.04. The stock has a 50 day simple moving average of $306.47 and a 200-day simple moving average of $278.30. Cadence Design Systems has a 12-month low of $194.01 and a 12-month high of $327.36. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Wednesday, March 6th. KeyCorp increased their target price on Cadence Design Systems from $325.00 to $335.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. Piper Sandler assumed coverage on Cadence Design Systems in a research note on Thursday, April 4th. They set a “neutral” rating and a $334.00 target price for the company. Stifel Nicolaus increased their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus price target of $313.60.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Cadence Design Systems news, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $441,870.60. Following the sale, the chief executive officer now owns 136,455 shares in the company, valued at approximately $41,468,674.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total value of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The disclosure for this sale can be found here. Insiders sold 212,044 shares of company stock valued at $63,106,522 in the last ninety days. Corporate insiders own 1.99% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds have recently made changes to their positions in the business. Quarry LP boosted its holdings in shares of 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 last quarter. FIL Ltd boosted its holdings in shares of Cadence Design Systems by 99.3% during the fourth quarter. FIL Ltd now owns 46,960 shares of the software maker’s stock worth $12,790,000 after purchasing an additional 23,398 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Cadence Design Systems by 0.5% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 154,606 shares of the software maker’s stock worth $42,111,000 after purchasing an additional 712 shares during the last quarter. SageView Advisory Group LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $360,000. Finally, Secured Retirement Advisors LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth $209,000. 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.