Griffin Securities Issues Positive Outlook for CDNS Earnings

Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) - Equities research analysts at Griffin Securities lifted their Q4 2024 EPS estimates for Cadence Design Systems in a research report issued to clients and investors on Tuesday, January 14th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will earn $1.49 per share for the quarter, up from their previous estimate of $1.48. The consensus estimate for Cadence Design Systems' current full-year earnings is $4.75 per share.

Cadence Design Systems (NASDAQ:CDNS - Get Free Report) last posted its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, topping analysts' consensus estimates of $1.44 by $0.20. The company had revenue of $1.22 billion during 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 revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm earned $1.01 EPS.

Several other analysts also recently weighed in on CDNS. Loop Capital began coverage on shares of Cadence Design Systems in a report on Monday, November 11th. They issued a "buy" rating and a $360.00 target price on the stock. Needham & Company LLC lowered their price objective on Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, October 29th. Wells Fargo & Company began coverage on Cadence Design Systems in a research note on Friday, November 22nd. They set an "overweight" rating and a $350.00 target price for the company. Robert W. Baird lifted their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Finally, Berenberg Bank started coverage on Cadence Design Systems in a research report on Tuesday, October 15th. They issued a "buy" rating and a $320.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Cadence Design Systems has an average rating of "Moderate Buy" and an average target price of $329.50.

Cadence Design Systems Stock Performance

NASDAQ:CDNS traded up $6.70 during midday trading on Friday, reaching $305.60. The stock had a trading volume of 1,567,258 shares, compared to its average volume of 1,410,642. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The stock has a market cap of $83.81 billion, a P/E ratio of 80.21, a P/E/G ratio of 3.44 and a beta of 1.04. The firm has a fifty day simple moving average of $304.43 and a two-hundred day simple moving average of $285.37. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99.

Institutional Trading of Cadence Design Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Missouri Trust & Investment Co acquired a new stake in shares of Cadence Design Systems during the 3rd quarter worth about $27,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Cadence Design Systems during the third quarter valued at approximately $28,000. Versant Capital Management Inc boosted its position in Cadence Design Systems by 164.2% during the fourth quarter. Versant Capital Management Inc now owns 140 shares of the software maker's stock worth $42,000 after acquiring an additional 87 shares during the last quarter. Prestige Wealth Management Group LLC grew its stake in Cadence Design Systems by 56.6% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 166 shares of the software maker's stock worth $45,000 after acquiring an additional 60 shares during the period. Finally, Meeder Asset Management Inc. raised its holdings in Cadence Design Systems by 30.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 202 shares of the software maker's stock valued at $55,000 after acquiring an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company's stock.

Insider Buying and Selling at Cadence Design Systems

In other news, CEO Anirudh Devgan sold 93,151 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $310.00, for a total value of $28,876,810.00. Following the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at $17,320,940. This represents a 62.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John M. Wall sold 4,224 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $309.03, for a total value of $1,305,342.72. Following the transaction, the chief financial officer now owns 29,248 shares of the company's stock, valued at $9,038,509.44. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 108,416 shares of company stock worth $33,528,267. 0.62% 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.