Q2 2024 EPS Estimates for Cadence Design Systems, Inc. Reduced by Griffin Securities (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Analysts at Griffin Securities dropped their Q2 2024 EPS estimates for shares of Cadence Design Systems in a report issued on Tuesday, April 23rd. Griffin Securities analyst J. Vleeschhouwer now anticipates that the software maker will post earnings of $0.95 per share for the quarter, down from their previous estimate of $1.23. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.78 per share. Griffin Securities also issued estimates for Cadence Design Systems’ Q3 2024 earnings at $1.33 EPS, Q4 2024 earnings at $1.54 EPS, FY2024 earnings at $4.71 EPS, Q2 2025 earnings at $1.28 EPS, Q3 2025 earnings at $1.32 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.35 EPS.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period last year, the company earned $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year.

Several other research analysts have also weighed in on the stock. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Stifel Nicolaus upped their price objective on Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Robert W. Baird lifted their target price on Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. StockNews.com upgraded Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley raised shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $260.00 to $350.00 in a research report on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $326.11.

Cadence Design Systems Price Performance

Shares of CDNS opened at $282.41 on Friday. The company has a market cap of $76.85 billion, a price-to-earnings ratio of 73.54, a PEG ratio of 3.26 and a beta of 1.04. The company has a current ratio of 1.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.08. The company’s fifty day simple moving average is $303.85 and its 200 day simple moving average is $281.40. Cadence Design Systems has a 1-year low of $198.92 and a 1-year high of $327.36.

Insider Activity

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the transaction, the director now owns 53,183 shares in the company, valued at approximately $15,924,053.86. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $299.42, for a total transaction of $449,130.00. Following the completion of the transaction, the director now directly owns 53,183 shares in the company, valued at $15,924,053.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,044 shares of company stock valued at $52,231,207. 1.99% of the stock is owned by company insiders.

Institutional Trading of Cadence Design Systems

Large investors have recently made changes to their positions in the company. Artemis Wealth Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter worth $2,490,000. BLB&B Advisors LLC lifted its holdings in shares of Cadence Design Systems by 7.1% in the first quarter. BLB&B Advisors LLC now owns 45,461 shares of the software maker’s stock worth $14,151,000 after acquiring an additional 3,030 shares during the last quarter. Highview Capital Management LLC DE boosted its stake in shares of Cadence Design Systems by 8.3% in the 1st quarter. Highview Capital Management LLC DE now owns 5,610 shares of the software maker’s stock valued at $1,746,000 after purchasing an additional 430 shares in the last quarter. Schmidt P J Investment Management Inc. grew its holdings in shares of Cadence Design Systems by 3.8% during the 1st quarter. Schmidt P J Investment Management Inc. now owns 1,928 shares of the software maker’s stock valued at $600,000 after purchasing an additional 71 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new position in Cadence Design Systems during the 1st quarter worth approximately $2,143,000. Institutional investors and hedge funds own 84.85% 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.