Q4 Earnings Forecast for CDNS Issued By Griffin Securities

Cadence Design Systems, Inc. (NASDAQ:CDNS - Free Report) - Investment analysts at Griffin Securities lifted their Q4 2024 earnings per share (EPS) estimates for shares of Cadence Design Systems in a note issued to investors on Tuesday, January 14th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will post earnings of $1.49 per share for the quarter, up from their previous forecast 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 announced its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.20. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company's revenue was up 18.8% on a year-over-year basis. During the same period last year, the business earned $1.01 EPS.

CDNS has been the topic of a number of other research reports. Mizuho lifted their target price on Cadence Design Systems from $325.00 to $350.00 and gave the stock an "outperform" rating in a research report on Friday, December 13th. Needham & Company LLC lowered their target price on shares of Cadence Design Systems from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, October 29th. Redburn Atlantic initiated coverage on Cadence Design Systems in a report on Monday, January 13th. They issued a "buy" rating and a $350.00 price target for the company. Oppenheimer assumed coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They set an "underperform" rating and a $225.00 target price on the stock. Finally, Loop Capital started coverage on Cadence Design Systems in a research report on Monday, November 11th. They issued a "buy" rating and a $360.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $329.50.

Cadence Design Systems Stock Up 2.2 %

Shares of NASDAQ:CDNS traded up $6.70 during trading on Friday, hitting $305.60. 1,567,258 shares of the company were exchanged, compared to its average volume of 1,176,470. The firm's 50 day moving average price is $304.43 and its 200-day moving average price is $285.37. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market capitalization of $83.81 billion, a P/E ratio of 80.21, a PEG ratio of 3.44 and a beta of 1.04.

Institutional Investors Weigh In On Cadence Design Systems

Several hedge funds and other institutional investors have recently bought and sold shares of CDNS. Dimensional Fund Advisors LP raised its holdings in Cadence Design Systems by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 596,897 shares of the software maker's stock valued at $183,705,000 after acquiring an additional 42,895 shares in the last quarter. Mutual of America Capital Management LLC raised its stake in shares of Cadence Design Systems by 8.0% in the 2nd quarter. Mutual of America Capital Management LLC now owns 38,519 shares of the software maker's stock valued at $11,854,000 after purchasing an additional 2,849 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Cadence Design Systems by 1.9% during the second quarter. Mercer Global Advisors Inc. ADV now owns 28,037 shares of the software maker's stock worth $8,628,000 after purchasing an additional 536 shares during the last quarter. Argent Trust Co grew its stake in Cadence Design Systems by 4.2% in the second quarter. Argent Trust Co now owns 3,643 shares of the software maker's stock worth $1,121,000 after purchasing an additional 146 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in Cadence Design Systems by 5.0% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,400 shares of the software maker's stock valued at $1,354,000 after buying an additional 208 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cadence Design Systems

In other news, VP Paul Cunningham sold 650 shares of the company's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $306.19, for a total value of $199,023.50. Following the completion of the transaction, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anirudh Devgan sold 5,920 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the completion of the transaction, the chief executive officer now directly owns 55,874 shares of the company's stock, valued at approximately $16,987,930.96. The trade was a 9.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 108,416 shares of company stock worth $33,528,267 in the last three months. Company insiders own 0.62% of the company's stock.

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.