Q4 EPS Estimates for CDNS Reduced by Griffin Securities

Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) - Equities researchers at Griffin Securities reduced their Q4 2024 EPS estimates for Cadence Design Systems in a research report issued on Tuesday, October 29th. Griffin Securities analyst J. Vleeschhouwer now forecasts that the software maker will earn $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.

Several other research analysts have also weighed in on the stock. Piper Sandler upgraded shares of Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. Rosenblatt Securities reiterated a "neutral" rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday. Needham & Company LLC dropped their price objective on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday. Robert W. Baird increased their price target on shares of Cadence Design Systems from $332.00 to $340.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Oppenheimer began coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They set an "underperform" rating and a $225.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Cadence Design Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $323.17.

Cadence Design Systems Stock Down 4.8 %

Cadence Design Systems stock traded down $13.88 during trading hours on Thursday, hitting $276.12. The company had a trading volume of 2,784,531 shares, compared to its average volume of 1,774,420. The firm has a market capitalization of $75.61 billion, a P/E ratio of 72.47, a price-to-earnings-growth ratio of 3.03 and a beta of 1.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32. The firm's fifty day moving average is $267.02 and its 200-day moving average is $281.99. Cadence Design Systems has a fifty-two week low of $233.51 and a fifty-two week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last released its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The business's quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.01 earnings per share.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CDNS. Claro Advisors LLC acquired a new stake in shares of Cadence Design Systems in the first quarter valued at approximately $201,000. Norden Group LLC increased its holdings in Cadence Design Systems by 1,659.3% during the first quarter. Norden Group LLC now owns 13,300 shares of the software maker's stock worth $4,140,000 after buying an additional 12,544 shares during the last quarter. First Trust Direct Indexing L.P. increased its holdings in Cadence Design Systems by 13.5% during the first quarter. First Trust Direct Indexing L.P. now owns 5,978 shares of the software maker's stock worth $1,861,000 after buying an additional 713 shares during the last quarter. ZRC Wealth Management LLC acquired a new position in Cadence Design Systems during the first quarter worth $74,000. Finally, Ashton Thomas Private Wealth LLC increased its holdings in Cadence Design Systems by 2.0% during the first quarter. Ashton Thomas Private Wealth LLC now owns 10,276 shares of the software maker's stock worth $3,199,000 after buying an additional 204 shares during the last quarter. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $276.24, for a total transaction of $414,360.00. Following the completion of the sale, the director now owns 45,051 shares in the company, valued at $12,444,888.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $266.89, for a total transaction of $173,478.50. Following the transaction, the vice president now owns 64,544 shares of the company's stock, valued at $17,226,148.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $276.24, for a total transaction of $414,360.00. Following the transaction, the director now directly owns 45,051 shares in the company, valued at $12,444,888.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,697 shares of company stock worth $7,555,216 in the last quarter. 1.99% of the stock is owned by corporate insiders.

Cadence Design Systems Company Profile

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.