Griffin Securities Issues Positive Outlook for CDNS Earnings

Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) - Equities research analysts at Griffin Securities increased their FY2024 earnings per share estimates for shares of Cadence Design Systems in a report issued on Tuesday, October 29th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will earn $4.70 per share for the year, up from their previous estimate of $4.64. The consensus estimate for Cadence Design Systems' current full-year earnings is $4.75 per share. Griffin Securities also issued estimates for Cadence Design Systems' Q1 2025 earnings at $1.10 EPS, Q2 2025 earnings at $1.22 EPS, Q3 2025 earnings at $1.35 EPS, Q4 2025 earnings at $1.58 EPS and FY2025 earnings at $5.25 EPS.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The firm's quarterly revenue was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 EPS.

Several other analysts have also recently weighed in on the company. Needham & Company LLC lowered their price target on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday. Mizuho began coverage on Cadence Design Systems in a research report on Tuesday, October 22nd. They set an "outperform" rating and a $325.00 price target on the stock. Piper Sandler upgraded Cadence Design Systems from a "neutral" rating to an "overweight" rating and set a $318.00 price target on the stock in a research report on Tuesday, August 6th. Finally, Berenberg Bank began coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They set a "buy" rating and a $320.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $323.17.

Cadence Design Systems Price Performance

CDNS traded up $5.97 during trading on Friday, reaching $282.09. 1,897,161 shares of the company were exchanged, compared to its average volume of 1,775,005. The company's 50-day moving average is $267.02 and its two-hundred day moving average is $281.99. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a market cap of $77.24 billion, a price-to-earnings ratio of 73.86, a P/E/G ratio of 3.55 and a beta of 1.02. The company has a quick ratio of 1.32, a current ratio of 2.45 and a debt-to-equity ratio of 0.54.

Institutional Trading of Cadence Design Systems

Large investors have recently modified their holdings of the company. RiverPark Advisors LLC bought a new stake in Cadence Design Systems during the first quarter valued at about $26,000. ORG Partners LLC boosted its holdings in shares of Cadence Design Systems by 911.1% during the 2nd quarter. ORG Partners LLC now owns 91 shares of the software maker's stock valued at $28,000 after purchasing an additional 82 shares during the last quarter. Hollencrest Capital Management boosted its holdings in shares of Cadence Design Systems by 637.5% during the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker's stock valued at $37,000 after purchasing an additional 102 shares during the last quarter. Chilton Capital Management LLC raised its position in Cadence Design Systems by 244.0% in the 2nd quarter. Chilton Capital Management LLC now owns 172 shares of the software maker's stock worth $53,000 after purchasing an additional 122 shares during the period. Finally, Larson Financial Group LLC raised its position in Cadence Design Systems by 159.7% in the 2nd quarter. Larson Financial Group LLC now owns 200 shares of the software maker's stock worth $62,000 after purchasing an additional 123 shares during the period. Institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other news, CFO John M. Wall sold 10,000 shares of the business's stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the transaction, the chief financial officer now owns 38,654 shares in the company, valued at $10,278,485.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO John M. Wall sold 10,000 shares of Cadence Design Systems stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $265.91, for a total value of $2,659,100.00. Following the completion of the sale, the chief financial officer now owns 38,654 shares of the company's stock, valued at $10,278,485.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $283.66, for a total value of $425,490.00. Following the completion of the sale, the director now directly owns 42,051 shares of the company's stock, valued at $11,928,186.66. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,697 shares of company stock worth $7,555,216. 1.99% of the stock is owned by 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.