Cadence Design Systems (NASDAQ:CDNS) Issues FY24 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $5.87-5.93 for the period, compared to the consensus earnings per share estimate of $5.89. The company issued revenue guidance of $4.61-4.65 billion, compared to the consensus revenue estimate of $4.63 billion.

Cadence Design Systems Stock Down 1.8 %

Shares of Cadence Design Systems stock traded down $4.53 during midday trading on Monday, hitting $252.77. The company had a trading volume of 2,781,866 shares, compared to its average volume of 1,739,344. The company has a 50 day moving average of $267.42 and a 200 day moving average of $282.53. The stock has a market capitalization of $68.86 billion, a P/E ratio of 65.70, a P/E/G ratio of 3.03 and a beta of 1.02. Cadence Design Systems has a 52-week low of $230.65 and a 52-week high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CDNS shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a research report on Tuesday, July 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday, October 7th. Berenberg Bank initiated coverage on shares of Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price objective for the company in a report on Tuesday, August 6th. Finally, Mizuho assumed coverage on Cadence Design Systems in a research note on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $323.42.

Insider Activity at Cadence Design Systems

In other news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total transaction of $425,490.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,347 shares of company stock worth $7,728,272. 1.99% of the stock is owned by insiders.

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.