Cadence Design Systems (NASDAQ:CDNS – Get Rating) is set to issue its quarterly earnings data after the market closes on Monday, April 24th. Analysts expect the company to announce earnings of $1.25 per share for the quarter. Cadence Design Systems has set its Q1 guidance at $1.23-1.27 EPS and its FY23 guidance at $4.90-5.00 EPS.Parties that wish to register for the company’s conference call can do so using this link.
Cadence Design Systems (NASDAQ:CDNS – Get Rating) last issued its quarterly earnings data on Monday, February 13th. The software maker reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.04. Cadence Design Systems had a net margin of 23.83% and a return on equity of 33.89%. The firm had revenue of $899.88 million for the quarter, compared to the consensus estimate of $884.23 million. During the same quarter in the previous year, the firm earned $0.67 EPS. The company’s quarterly revenue was up 16.4% compared to the same quarter last year. On average, analysts expect Cadence Design Systems to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.
Cadence Design Systems Stock Down 1.1 %
Shares of Cadence Design Systems stock opened at $214.55 on Monday. The firm’s 50 day moving average price is $200.53 and its 200-day moving average price is $176.75. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 0.24. Cadence Design Systems has a 52-week low of $132.32 and a 52-week high of $217.67. The company has a market cap of $58.56 billion, a P/E ratio of 69.43, a PEG ratio of 2.86 and a beta of 1.07.
Wall Street Analysts Forecast Growth
CDNS has been the topic of several research analyst reports. KeyCorp boosted their target price on shares of Cadence Design Systems from $215.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 14th. Wells Fargo & Company boosted their target price on shares of Cadence Design Systems from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 11th. Needham & Company LLC boosted their target price on shares of Cadence Design Systems from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, February 14th. Bank of America boosted their target price on shares of Cadence Design Systems from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, February 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Cadence Design Systems from $200.00 to $222.00 and gave the stock a “buy” rating in a research report on Wednesday, February 15th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $213.36.
Insider Transactions at Cadence Design Systems
In other Cadence Design Systems news, CFO John M. Wall sold 11,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $209.28, for a total value of $2,302,080.00. Following the transaction, the chief financial officer now owns 108,430 shares of the company’s stock, valued at $22,692,230.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Vincentelli Albert Sangiovanni sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $193.80, for a total transaction of $1,938,000.00. Following the transaction, the director now directly owns 78,410 shares in the company, valued at $15,195,858. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO John M. Wall sold 11,000 shares of Cadence Design Systems stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $209.28, for a total transaction of $2,302,080.00. Following the completion of the transaction, the chief financial officer now owns 108,430 shares in the company, valued at $22,692,230.40. The disclosure for this sale can be found here. Insiders sold 310,997 shares of company stock valued at $60,716,831 over the last 90 days. 1.99% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Cadence Design Systems
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cibc World Market Inc. increased its position in Cadence Design Systems by 2.7% during the 1st quarter. Cibc World Market Inc. now owns 21,529 shares of the software maker’s stock worth $3,541,000 after purchasing an additional 571 shares in the last quarter. Prudential PLC acquired a new position in shares of Cadence Design Systems in the 1st quarter valued at approximately $1,160,000. Loomis Sayles & Co. L P raised its position in shares of Cadence Design Systems by 1,030.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 2,780 shares of the software maker’s stock valued at $457,000 after acquiring an additional 2,534 shares in the last quarter. Zions Bancorporation N.A. raised its position in shares of Cadence Design Systems by 108.3% during the 1st quarter. Zions Bancorporation N.A. now owns 225 shares of the software maker’s stock valued at $37,000 after acquiring an additional 117 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Cadence Design Systems by 26.8% during the 1st quarter. NewEdge Advisors LLC now owns 16,231 shares of the software maker’s stock valued at $2,669,000 after acquiring an additional 3,433 shares in the last quarter. Institutional investors and hedge funds own 84.06% of the company’s stock.
Cadence Design Systems Company Profile
Cadence Design Systems, Inc engages in the design and development of integrated circuits and electronic devices. Its products include electronic design automation, software, emulation hardware, and intellectual property, commonly referred to as verification IP, and design IP. It operates through the following geographical segments: United States, Other Americas, China, Other Asia, Europe, Middle East and Africa and Japan.