Griffin Securities Has Strong Forecast for CDNS Q4 Earnings

Cadence Design Systems, Inc. (NASDAQ:CDNS) – Research analysts at Griffin Securities increased their Q4 2024 earnings estimates for shares of Cadence Design Systems in a report released on Tuesday, January 14th. Griffin Securities analyst J. Vleeschhouwer now forecasts 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.

Other research analysts have also recently issued reports about the stock. Rosenblatt Securities reissued a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a research report on Tuesday, October 29th. Oppenheimer started coverage on shares of Cadence Design Systems in a research report on Wednesday, September 25th. They issued an “underperform” rating and a $225.00 price objective for the company. Wells Fargo & Company initiated coverage on Cadence Design Systems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $350.00 price target on the stock. Redburn Atlantic started coverage on Cadence Design Systems in a report on Monday. They set a “buy” rating and a $350.00 price objective on the stock. Finally, Mizuho raised their price target on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. One equities 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $329.50.

Cadence Design Systems Stock Performance

Cadence Design Systems stock opened at $298.90 on Friday. The firm has a market capitalization of $81.98 billion, a PE ratio of 78.45, a price-to-earnings-growth ratio of 3.44 and a beta of 1.04. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. The stock’s 50 day moving average price is $304.40 and its 200 day moving average price is $285.31. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.27 and a current ratio of 2.45.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the company posted $1.01 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CDNS. Atomi Financial Group Inc. grew its holdings in Cadence Design Systems by 65.5% in the 4th quarter. Atomi Financial Group Inc. now owns 1,731 shares of the software maker’s stock worth $520,000 after buying an additional 685 shares in the last quarter. Chesley Taft & Associates LLC grew its stake in shares of Cadence Design Systems by 204.6% in the fourth quarter. Chesley Taft & Associates LLC now owns 8,545 shares of the software maker’s stock worth $2,567,000 after purchasing an additional 5,740 shares in the last quarter. Clear Harbor Asset Management LLC increased its holdings in shares of Cadence Design Systems by 4.4% during the fourth quarter. Clear Harbor Asset Management LLC now owns 10,836 shares of the software maker’s stock valued at $3,256,000 after purchasing an additional 453 shares during the period. Perpetual Ltd lifted its holdings in Cadence Design Systems by 17.0% in the fourth quarter. Perpetual Ltd now owns 3,522 shares of the software maker’s stock worth $1,058,000 after purchasing an additional 512 shares during the period. Finally, Ballentine Partners LLC grew its position in Cadence Design Systems by 24.1% in the 4th quarter. Ballentine Partners LLC now owns 2,918 shares of the software maker’s stock valued at $877,000 after buying an additional 567 shares in the last quarter. Institutional investors own 84.85% of the company’s stock.

Insider Activity

In related news, CEO Anirudh Devgan sold 93,151 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $310.00, for a total transaction of $28,876,810.00. Following the completion of the transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Paul Cunningham sold 650 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $276.00, for a total value of $179,400.00. Following the completion of the sale, the vice president now directly owns 61,111 shares in the company, valued at $16,866,636. This represents a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,416 shares of company stock valued at $33,528,267. 0.62% of the stock is currently 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.