Griffin Securities Brokers Boost Earnings Estimates for CDNS

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Analysts at Griffin Securities lifted their Q4 2024 earnings per share estimates for Cadence Design Systems in a research note issued on Tuesday, January 14th. Griffin Securities analyst J. Vleeschhouwer now expects that the software maker will post earnings per share of $1.49 for the quarter, up from their prior 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) last posted its quarterly earnings results 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 the consensus estimate of $1.18 billion. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The business’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period last year, the business earned $1.01 EPS.

Other equities analysts have also issued reports about the company. Berenberg Bank began coverage on Cadence Design Systems in a report on Tuesday, October 15th. They set a “buy” rating and a $320.00 target price on the stock. 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, October 29th. Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, October 29th. Oppenheimer initiated coverage on shares of Cadence Design Systems in a research note on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 target price on the stock. Finally, Robert W. Baird raised their price target on Cadence Design Systems from $332.00 to $340.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Price Performance

NASDAQ CDNS opened at $305.60 on Friday. The stock has a market capitalization of $83.81 billion, a PE ratio of 80.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04. The company has a 50 day moving average price of $304.43 and a two-hundred day moving average price of $285.37. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. Cadence Design Systems has a 12-month low of $241.29 and a 12-month high of $328.99.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. New Century Financial Group LLC grew its holdings in shares of Cadence Design Systems by 14.8% in the 4th quarter. New Century Financial Group LLC now owns 2,582 shares of the software maker’s stock worth $785,000 after purchasing an additional 332 shares during the last quarter. Avior Wealth Management LLC increased its holdings in shares of Cadence Design Systems by 12.4% during the fourth quarter. Avior Wealth Management LLC now owns 326 shares of the software maker’s stock worth $98,000 after buying an additional 36 shares in the last quarter. Teamwork Financial Advisors LLC raised its stake in shares of Cadence Design Systems by 3.1% in the fourth quarter. Teamwork Financial Advisors LLC now owns 13,532 shares of the software maker’s stock valued at $4,066,000 after acquiring an additional 401 shares during the last quarter. D.B. Root & Company LLC acquired a new position in shares of Cadence Design Systems in the 4th quarter worth approximately $426,000. Finally, Wesbanco Bank Inc. boosted its holdings in shares of Cadence Design Systems by 18.7% in the 4th quarter. Wesbanco Bank Inc. now owns 2,346 shares of the software maker’s stock worth $705,000 after acquiring an additional 369 shares in the last quarter. 84.85% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Paul Scannell sold 3,171 shares of Cadence Design Systems stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $305.78, for a total transaction of $969,628.38. Following the sale, the vice president now directly owns 14,318 shares in the company, valued at approximately $4,378,158.04. The trade was a 18.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the sale, the chief executive officer now directly owns 55,874 shares in the company, valued at approximately $17,320,940. The trade was a 62.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,416 shares of company stock worth $33,528,267. Company insiders own 0.62% of the company’s stock.

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.