Griffin Securities Analysts Lift Earnings Estimates for CDNS

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Research analysts at Griffin Securities raised their FY2024 earnings per share estimates for Cadence Design Systems in a research report issued to clients and investors 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 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 issued its earnings results on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis.

A number of other equities research analysts have also commented on the company. Berenberg Bank initiated coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. Robert W. Baird increased their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research report on Tuesday, August 6th. Needham & Company LLC decreased their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday. 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 data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $323.17.

Cadence Design Systems Trading Down 4.8 %

NASDAQ CDNS opened at $276.12 on Friday. The firm has a market capitalization of $75.61 billion, a P/E ratio of 72.47, a PEG ratio of 3.55 and a beta of 1.02. The business has a fifty day simple moving average of $267.02 and a 200 day simple moving average of $281.99. Cadence Design Systems has a 12 month low of $233.51 and a 12 month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 1.32 and a debt-to-equity ratio of 0.54.

Insiders Place Their Bets

In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Cadence Design Systems news, CFO John M. Wall sold 10,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $266.89, for a total value of $173,478.50. Following the completion of the transaction, the vice president now owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,697 shares of company stock worth $7,555,216 in the last quarter. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

Several institutional investors and hedge funds have recently modified their holdings of CDNS. Norden Group LLC raised its holdings in shares of Cadence Design Systems by 1,659.3% in the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock valued at $4,140,000 after acquiring an additional 12,544 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Cadence Design Systems by 1.1% in the 1st quarter. Private Advisor Group LLC now owns 5,532 shares of the software maker’s stock valued at $1,722,000 after acquiring an additional 58 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Cadence Design Systems by 58.1% in the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock valued at $396,470,000 after acquiring an additional 468,195 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Cadence Design Systems by 1.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 73,366 shares of the software maker’s stock valued at $22,837,000 after acquiring an additional 780 shares in the last quarter. Finally, Resonant Capital Advisors LLC purchased a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $266,000. Hedge funds and other institutional investors 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.