Q4 Earnings Forecast for CDNS Issued By Griffin Securities

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Analysts at Griffin Securities upped their Q4 2024 earnings per share estimates for Cadence Design Systems in a note issued to investors on Tuesday, January 14th. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will post earnings per share of $1.49 for the quarter, up from their previous forecast of $1.48. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.75 per share.

Cadence Design Systems (NASDAQ:CDNS) last released 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. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the business earned $1.01 EPS. The business’s revenue was up 18.8% on a year-over-year basis.

Other analysts also recently issued reports about the company. Needham & Company LLC decreased their price target on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Wells Fargo & Company initiated coverage on shares of Cadence Design Systems in a report on Friday, November 22nd. They set an “overweight” rating and a $350.00 price objective on the stock. Robert W. Baird increased their target price on shares of Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Loop Capital started coverage on Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $329.50.

Cadence Design Systems Price Performance

Shares of CDNS opened at $298.90 on Friday. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54. The stock’s 50 day moving average is $304.40 and its two-hundred day moving average is $285.31. Cadence Design Systems has a twelve month low of $241.29 and a twelve month high of $328.99. The firm has a market capitalization of $81.98 billion, a PE ratio of 78.45, a P/E/G ratio of 3.44 and a beta of 1.04.

Institutional Trading of Cadence Design Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CDNS. Dudley Capital Management LLC boosted its position in shares of Cadence Design Systems by 4.3% in the third quarter. Dudley Capital Management LLC now owns 948 shares of the software maker’s stock worth $257,000 after acquiring an additional 39 shares during the last quarter. Trust Point Inc. grew its stake in shares of Cadence Design Systems by 2.9% during the 3rd quarter. Trust Point Inc. now owns 1,397 shares of the software maker’s stock valued at $379,000 after buying an additional 40 shares during the period. Falcon Wealth Planning increased its holdings in shares of Cadence Design Systems by 5.1% during the 3rd quarter. Falcon Wealth Planning now owns 819 shares of the software maker’s stock worth $222,000 after buying an additional 40 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Cadence Design Systems by 0.7% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 5,539 shares of the software maker’s stock worth $1,501,000 after buying an additional 40 shares during the period. Finally, Venture Visionary Partners LLC boosted its holdings in Cadence Design Systems by 2.5% in the third quarter. Venture Visionary Partners LLC now owns 1,709 shares of the software maker’s stock valued at $463,000 after acquiring an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insiders Place Their Bets

In other Cadence Design Systems news, CEO Anirudh Devgan sold 5,920 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now owns 55,874 shares of the company’s stock, valued at $16,987,930.96. This represents a 9.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction on Friday, December 13th. The shares were sold at an average price of $305.78, for a total value of $969,628.38. Following the completion of the sale, the vice president now directly owns 14,318 shares of the company’s stock, valued at approximately $4,378,158.04. This represents a 18.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,528,267 in the last ninety days. Insiders own 0.62% 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.