Cadence Design Systems (CDNS) to Release Earnings on Monday

Cadence Design Systems (NASDAQ:CDNS) is scheduled to announce its earnings results after the market closes on Monday, April 22nd. Analysts expect the company to announce earnings of $1.13 per share for the quarter. Cadence Design Systems has set its Q1 guidance at $1.10-$1.14 EPS and its FY24 guidance at $5.87-$5.97 EPS.Investors interested in listening to the company’s conference call can do so using this link.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, February 12th. The software maker reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.05. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the firm posted $0.75 EPS. Cadence Design Systems’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, analysts expect Cadence Design Systems to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Cadence Design Systems Price Performance

Shares of NASDAQ:CDNS opened at $280.25 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.13 and a current ratio of 1.24. Cadence Design Systems has a one year low of $194.01 and a one year high of $327.36. The company has a 50-day simple moving average of $305.52 and a 200-day simple moving average of $280.05. The stock has a market capitalization of $76.30 billion, a price-to-earnings ratio of 73.36, a PEG ratio of 3.47 and a beta of 1.04.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler assumed coverage on Cadence Design Systems in a research note on Thursday, April 4th. They issued a “neutral” rating and a $334.00 target price on the stock. Robert W. Baird boosted their price objective on shares of Cadence Design Systems from $302.00 to $322.00 and gave the company an “outperform” rating in a research note on Thursday. Morgan Stanley upgraded shares of Cadence Design Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $260.00 to $350.00 in a research note on Wednesday, February 14th. KeyCorp boosted their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Finally, Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Cadence Design Systems in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $318.10.

Insider Buying and Selling at Cadence Design Systems

In other news, VP Thomas P. Beckley sold 65,268 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the transaction, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total transaction of $463,245.00. Following the completion of the sale, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. Over the last three months, insiders sold 177,544 shares of company stock valued at $53,581,207. Corporate insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Harbour Investments Inc. raised its position in shares of Cadence Design Systems by 66.1% in the fourth quarter. Harbour Investments Inc. now owns 98 shares of the software maker’s stock valued at $27,000 after buying an additional 39 shares during the last quarter. Quarry LP grew its stake in Cadence Design Systems by 550.0% in the 4th quarter. Quarry LP now owns 104 shares of the software maker’s stock worth $28,000 after acquiring an additional 88 shares during the period. Atlas Capital Advisors LLC lifted its stake in shares of Cadence Design Systems by 322.6% during the 2nd quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock worth $31,000 after purchasing an additional 100 shares during the period. State of Wyoming purchased a new position in shares of Cadence Design Systems during the 2nd quarter worth $39,000. Finally, Zions Bancorporation N.A. boosted its holdings in shares of Cadence Design Systems by 108.3% during the first quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock worth $37,000 after purchasing an additional 117 shares during the last quarter. Institutional investors and hedge funds own 84.85% of the company’s stock.

About Cadence Design Systems

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.