Cadence Design Systems, Inc. (NASDAQ:CDNS) to Post Q3 2024 Earnings of $1.27 Per Share, Zacks Research Forecasts

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Equities researchers at Zacks Research reduced their Q3 2024 earnings estimates for shares of Cadence Design Systems in a research note issued on Thursday, April 18th. Zacks Research analyst V. Doshi now expects that the software maker will post earnings of $1.27 per share for the quarter, down from their previous estimate of $1.30. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.81 per share. Zacks Research also issued estimates for Cadence Design Systems’ Q4 2024 earnings at $1.42 EPS, FY2024 earnings at $4.76 EPS, Q2 2025 earnings at $1.36 EPS, Q3 2025 earnings at $1.45 EPS, Q4 2025 earnings at $1.56 EPS and FY2025 earnings at $5.54 EPS.

CDNS has been the subject of several other reports. StockNews.com cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Stifel Nicolaus boosted their target price on shares of Cadence Design Systems from $300.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. KeyCorp boosted their target price on shares of Cadence Design Systems from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Robert W. Baird boosted their target price 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, April 18th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $318.10.

Cadence Design Systems Stock Performance

Shares of NASDAQ CDNS opened at $285.02 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.13 and a debt-to-equity ratio of 0.09. Cadence Design Systems has a 12 month low of $194.01 and a 12 month high of $327.36. The company has a 50 day simple moving average of $305.09 and a two-hundred day simple moving average of $280.73. The stock has a market cap of $77.59 billion, a price-to-earnings ratio of 74.61, a PEG ratio of 3.41 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.46% and a return on equity of 35.57%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the business posted $1.02 EPS. The business’s quarterly revenue was down 1.2% compared to the same quarter last year.

Institutional Investors Weigh In On Cadence Design Systems

A number of large investors have recently modified their holdings of CDNS. Parkside Financial Bank & Trust grew its holdings in shares of Cadence Design Systems by 8.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 514 shares of the software maker’s stock valued at $140,000 after purchasing an additional 38 shares during the period. Highview Capital Management LLC DE grew its holdings in shares of Cadence Design Systems by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 5,180 shares of the software maker’s stock valued at $1,411,000 after purchasing an additional 39 shares during the period. Fiduciary Trust Co grew its holdings in shares of Cadence Design Systems by 0.6% in the fourth quarter. Fiduciary Trust Co now owns 6,730 shares of the software maker’s stock valued at $1,833,000 after purchasing an additional 39 shares during the period. GraniteShares Advisors LLC grew its holdings in shares of Cadence Design Systems by 1.2% in the first quarter. GraniteShares Advisors LLC now owns 3,468 shares of the software maker’s stock valued at $1,080,000 after purchasing an additional 40 shares during the period. Finally, Wealthcare Advisory Partners LLC grew its holdings in shares of Cadence Design Systems by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 951 shares of the software maker’s stock valued at $296,000 after purchasing an additional 41 shares during the period. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Insider Buying and Selling

In other news, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $303.90, for a total transaction of $366,807.30. Following the completion of the sale, the vice president now owns 61,150 shares of the company’s stock, valued at $18,583,485. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Thomas P. Beckley sold 65,268 shares of the company’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Aneel Zaman sold 1,207 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $303.90, for a total transaction of $366,807.30. Following the sale, the vice president now directly owns 61,150 shares of the company’s stock, valued at approximately $18,583,485. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,544 shares of company stock valued at $53,581,207. 0.62% of the stock is owned by corporate insiders.

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.