Q4 Earnings Forecast for CDNS Issued By Griffin Securities

Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) – Investment analysts at Griffin Securities reduced their Q4 2024 earnings per share (EPS) estimates for shares of Cadence Design Systems in a note issued to investors on Tuesday, October 29th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will post earnings of $1.48 per share for the quarter, down from their previous forecast of $1.67. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.73 per share.

Cadence Design Systems (NASDAQ:CDNSGet Free Report) 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. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 EPS.

Several other research analysts have also recently issued reports on CDNS. Mizuho assumed coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Berenberg Bank initiated coverage on Cadence Design Systems in a report on Tuesday, October 15th. They issued a “buy” rating and a $320.00 target price for the company. Needham & Company LLC reduced their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a report on Tuesday. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price for the company. Finally, Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Design Systems has an average rating of “Moderate Buy” and a consensus target price of $323.17.

Read Our Latest Report on Cadence Design Systems

Cadence Design Systems Trading Up 2.0 %

NASDAQ:CDNS opened at $290.00 on Thursday. The stock has a 50-day simple moving average of $267.01 and a 200-day simple moving average of $282.04. The stock has a market cap of $79.00 billion, a P/E ratio of 75.52, a P/E/G ratio of 3.03 and a beta of 1.02. Cadence Design Systems has a 1 year low of $233.51 and a 1 year high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Hedge Funds Weigh In On Cadence Design Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC increased its position in Cadence Design Systems by 223.8% during the 1st quarter. Empowered Funds LLC now owns 9,181 shares of the software maker’s stock worth $2,858,000 after purchasing an additional 6,346 shares during the period. Norden Group LLC increased its position in Cadence Design Systems by 1,659.3% during the 1st quarter. Norden Group LLC now owns 13,300 shares of the software maker’s stock worth $4,140,000 after purchasing an additional 12,544 shares during the period. BNP Paribas Financial Markets increased its position in Cadence Design Systems by 58.1% during the 1st quarter. BNP Paribas Financial Markets now owns 1,273,678 shares of the software maker’s stock worth $396,470,000 after purchasing an additional 468,195 shares during the period. Park National Corp OH increased its position in Cadence Design Systems by 19.8% during the 2nd quarter. Park National Corp OH now owns 136,251 shares of the software maker’s stock worth $41,931,000 after purchasing an additional 22,537 shares during the period. Finally, Industrial Alliance Investment Management Inc. grew its holdings in shares of Cadence Design Systems by 83.4% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 4,505 shares of the software maker’s stock worth $1,402,000 after acquiring an additional 2,048 shares during the period. Institutional investors and hedge funds own 84.85% of the company’s stock.

Insider Buying and Selling at Cadence Design Systems

In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Paul Cunningham sold 650 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total value of $173,478.50. Following the sale, the vice president now directly owns 64,544 shares of the company’s stock, valued at approximately $17,226,148.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,697 shares of company stock valued at $7,555,216 in the last ninety days. Insiders own 1.99% of the company’s stock.

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.

Featured Stories

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

Receive News & Ratings for Cadence Design Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Design Systems and related companies with MarketBeat.com's FREE daily email newsletter.