Q2 2024 Earnings Forecast for Cadence Design Systems, Inc. Issued By Zacks Research (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) – Equities research analysts at Zacks Research dropped their Q2 2024 EPS estimates for shares of Cadence Design Systems in a report issued on Monday, May 13th. Zacks Research analyst V. Doshi now forecasts that the software maker will post earnings per share of $0.97 for the quarter, down from their prior forecast of $1.22. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.78 per share. Zacks Research also issued estimates for Cadence Design Systems’ Q3 2024 earnings at $1.30 EPS, Q4 2024 earnings at $1.55 EPS, FY2024 earnings at $4.72 EPS, Q3 2025 earnings at $1.49 EPS, Q4 2025 earnings at $1.62 EPS, FY2025 earnings at $5.53 EPS, Q1 2026 earnings at $1.41 EPS and FY2026 earnings at $6.76 EPS.

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

Other analysts have also recently issued research reports about the stock. Robert W. Baird raised their target price on shares of Cadence Design Systems from $302.00 to $322.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research note on Friday, April 19th. Morgan Stanley upgraded 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 note on Wednesday, February 14th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Monday, April 22nd. Finally, Stifel Nicolaus lifted their price target on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a report on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $326.11.

Get Our Latest Stock Report on Cadence Design Systems

Cadence Design Systems Stock Performance

Shares of CDNS opened at $293.10 on Thursday. The firm has a 50-day moving average of $298.89 and a 200-day moving average of $284.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.19. The company has a market cap of $79.76 billion, a PE ratio of 76.33, a price-to-earnings-growth ratio of 3.35 and a beta of 1.06. Cadence Design Systems has a one year low of $201.73 and a one year high of $327.36.

Insiders Place Their Bets

In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Aneel Zaman sold 1,207 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total value of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares in the company, valued at $18,583,485. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 1,454 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $441,870.60. Following the completion of the sale, the chief executive officer now owns 136,455 shares of the company’s stock, valued at approximately $41,468,674.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 107,798 shares of company stock worth $32,816,684. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently modified their holdings of the company. Ulland Investment Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at approximately $25,000. RiverPark Advisors LLC purchased a new stake in Cadence Design Systems in the first quarter valued at approximately $26,000. Valley National Advisers Inc. raised its stake in Cadence Design Systems by 90.4% in the fourth quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the fourth quarter worth approximately $28,000. Finally, Annapolis Financial Services LLC purchased a new position in shares of Cadence Design Systems during the first quarter worth approximately $32,000. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Cadence Design Systems (NASDAQ:CDNS)

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