Cadence Design Systems, Inc. (NASDAQ:CDNS) to Post Q1 2024 Earnings of $1.03 Per Share, KeyCorp Forecasts

Posted by Defense World Staff on Sep 18th, 2023

Cadence Design Systems, Inc. (NASDAQ:CDNS – Free Report) – Equities research analysts at KeyCorp increased their Q1 2024 EPS estimates for Cadence Design Systems in a research report issued on Wednesday, September 13th. KeyCorp analyst J. Celino now expects that the software maker will earn $1.03 per share for the quarter, up from their prior estimate of $1.02. KeyCorp currently has a “Overweight” rating and a $290.00 target price on the stock. The consensus estimate for Cadence Design Systems’ current full-year earnings is $4.10 per share. KeyCorp also issued estimates for Cadence Design Systems’ Q2 2024 earnings at $1.09 EPS, Q3 2024 earnings at $1.16 EPS, Q4 2024 earnings at $1.27 EPS and FY2024 earnings at $4.56 EPS.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last posted its earnings results on Monday, July 24th. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. Cadence Design Systems had a net margin of 23.41% and a return on equity of 33.79%. The company had revenue of $977.00 million during the quarter, compared to analysts’ expectations of $975.99 million. During the same quarter last year, the company posted $0.85 EPS. Cadence Design Systems’s quarterly revenue was up 13.9% compared to the same quarter last year.

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating and boosted their price target for the stock from $210.00 to $300.00 in a research report on Thursday, July 20th. Needham & Company LLC reissued a “buy” rating and set a $235.00 target price on shares of Cadence Design Systems in a research note on Tuesday, July 25th. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a report on Wednesday, September 13th. Bank of America upped their price objective on shares of Cadence Design Systems from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Finally, Wells Fargo & Company increased their target price on shares of Cadence Design Systems from $250.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, July 18th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cadence Design Systems presently has a consensus rating of “Buy” and a consensus price target of $257.44.

View Our Latest Research Report on CDNS

Cadence Design Systems Trading Down 3.6 %

Shares of Cadence Design Systems stock opened at $234.08 on Monday. The firm has a market capitalization of $63.62 billion, a PE ratio of 71.80, a price-to-earnings-growth ratio of 3.21 and a beta of 1.03. The company has a current ratio of 1.37, a quick ratio of 1.26 and a debt-to-equity ratio of 0.22. The firm’s 50 day moving average is $234.76 and its 200 day moving average is $221.95. Cadence Design Systems has a 1 year low of $138.76 and a 1 year high of $248.16.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $241.26, for a total value of $965,040.00. Following the completion of the transaction, the director now directly owns 66,683 shares in the company, valued at approximately $16,087,940.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director James D. Plummer sold 4,406 shares of Cadence Design Systems stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $238.54, for a total transaction of $1,051,007.24. Following the completion of the sale, the director now owns 25,335 shares of the company’s stock, valued at $6,043,410.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 4,000 shares of Cadence Design Systems stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $241.26, for a total value of $965,040.00. Following the transaction, the director now owns 66,683 shares of the company’s stock, valued at $16,087,940.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,511 shares of company stock valued at $16,268,306. 1.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cadence Design Systems

Large investors have recently modified their holdings of the business. Aspire Private Capital LLC purchased a new stake in Cadence Design Systems during the 1st quarter worth about $15,126,480,000. VisionPoint Advisory Group LLC purchased a new position in shares of Cadence Design Systems in the 2nd quarter valued at approximately $27,000. AllSquare Wealth Management LLC purchased a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $27,000. Atlas Capital Advisors LLC boosted its stake in shares of Cadence Design Systems by 322.6% in the second quarter. Atlas Capital Advisors LLC now owns 131 shares of the software maker’s stock valued at $31,000 after buying an additional 100 shares in the last quarter. Finally, Barrett & Company Inc. purchased a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.95% 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.