Cadence Design Systems (NASDAQ:CDNS) Issues Q4 2024 Earnings Guidance

Cadence Design Systems (NASDAQ:CDNS) issued an update on its fourth quarter 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 1.780-1.840 for the period, compared to the consensus estimate of 1.980. The company issued revenue guidance of $1.3 billion-$1.4 billion, compared to the consensus revenue estimate of $1.4 billion. Cadence Design Systems also updated its FY 2024 guidance to 5.870-5.930 EPS.

Analysts Set New Price Targets

CDNS has been the topic of several recent analyst reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Monday, October 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 23rd. Mizuho started coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Robert W. Baird cut their price objective on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 23rd. Finally, Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price for the company in a research report on Tuesday, August 6th. One investment 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. Based on data from MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and an average price target of $323.42.

Cadence Design Systems Stock Down 1.8 %

Shares of Cadence Design Systems stock traded down $4.53 on Monday, reaching $252.77. The company’s stock had a trading volume of 3,153,984 shares, compared to its average volume of 1,741,004. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. Cadence Design Systems has a 52 week low of $230.65 and a 52 week high of $328.99. The company has a market capitalization of $68.86 billion, a price-to-earnings ratio of 65.83, a P/E/G ratio of 3.03 and a beta of 1.02. The firm’s fifty day simple moving average is $266.84 and its two-hundred day simple moving average is $282.13.

Insider Buying and Selling at Cadence Design Systems

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s 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 completion of the transaction, the director now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the transaction, the vice president now owns 65,194 shares of the company’s stock, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s 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 sale, the director now owns 42,051 shares of the company’s stock, valued at $11,928,186.66. This trade represents 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 have sold 28,347 shares of company stock worth $7,728,272. Company insiders own 1.99% 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.