Brokers Offer Predictions for Cadence Design Systems, Inc.’s Q3 2024 Earnings (NASDAQ:CDNS)

Cadence Design Systems, Inc. (NASDAQ:CDNSFree Report) – Equities researchers at Zacks Research increased their Q3 2024 EPS estimates for Cadence Design Systems in a research note issued on Monday, February 5th. Zacks Research analyst V. Doshi now anticipates that the software maker will earn $1.11 per share for the quarter, up from their previous forecast of $1.09. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.13 per share. Zacks Research also issued estimates for Cadence Design Systems’ FY2024 earnings at $4.43 EPS, Q1 2025 earnings at $1.17 EPS, Q3 2025 earnings at $1.26 EPS, Q4 2025 earnings at $1.33 EPS and FY2025 earnings at $4.98 EPS.

CDNS has been the subject of several other research reports. KeyCorp lifted their target price on shares of Cadence Design Systems from $290.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday. Rosenblatt Securities raised their price objective on shares of Cadence Design Systems from $250.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, October 19th. Needham & Company LLC restated a “buy” rating and issued a $268.00 price objective on shares of Cadence Design Systems in a research report on Tuesday, October 24th. Wells Fargo & Company raised their price objective on shares of Cadence Design Systems from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Wednesday. 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 has an average rating of “Moderate Buy” and an average target price of $282.22.

Get Our Latest Analysis on CDNS

Cadence Design Systems Stock Performance

NASDAQ CDNS opened at $307.36 on Thursday. Cadence Design Systems has a 52-week low of $183.42 and a 52-week high of $308.19. The company has a 50-day simple moving average of $276.43 and a 200 day simple moving average of $254.15. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.31 and a current ratio of 1.44. The company has a market capitalization of $83.62 billion, a PE ratio of 87.57, a price-to-earnings-growth ratio of 3.56 and a beta of 1.07.

Institutional Trading of Cadence Design Systems

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp increased its stake in Cadence Design Systems by 1.7% in the second quarter. State Street Corp now owns 11,602,459 shares of the software maker’s stock worth $2,721,009,000 after purchasing an additional 195,878 shares during the period. Jennison Associates LLC increased its stake in shares of Cadence Design Systems by 8.7% during the third quarter. Jennison Associates LLC now owns 7,047,231 shares of the software maker’s stock valued at $1,651,166,000 after buying an additional 564,085 shares during the period. Geode Capital Management LLC increased its stake in shares of Cadence Design Systems by 1.7% during the first quarter. Geode Capital Management LLC now owns 6,188,531 shares of the software maker’s stock valued at $1,297,925,000 after buying an additional 103,213 shares during the period. Norges Bank purchased a new position in shares of Cadence Design Systems during the fourth quarter valued at $770,945,000. Finally, Northern Trust Corp increased its stake in shares of Cadence Design Systems by 5.6% during the third quarter. Northern Trust Corp now owns 2,995,849 shares of the software maker’s stock valued at $701,927,000 after buying an additional 158,031 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the business’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $267.67, for a total transaction of $3,078,205.00. Following the transaction, the director now directly owns 59,183 shares of the company’s stock, valued at approximately $15,841,513.61. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Vincentelli Albert Sangiovanni sold 11,500 shares of the company’s stock in a transaction dated Friday, January 12th. The shares were sold at an average price of $267.67, for a total transaction of $3,078,205.00. Following the completion of the sale, the director now owns 59,183 shares of the company’s stock, valued at approximately $15,841,513.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Karna Nisewaner sold 700 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $272.85, for a total value of $190,995.00. Following the completion of the transaction, the vice president now owns 19,609 shares of the company’s stock, valued at $5,350,315.65. The disclosure for this sale can be found here. Insiders have sold a total of 70,178 shares of company stock valued at $19,409,553 over the last three months. 1.99% of the stock is owned by company insiders.

About Cadence Design Systems

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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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