Cadence Design Systems Inc. stock underperforms Tuesday when compared to competitors

On July 23, 2024, Cadence Design Systems' stock fell by 1.42% to $282.99, underperforming compared to the S&P 500 and Dow Jones Industrial Average. The stock remains $46.00 short of its 52-week high of $328.99, reached on June 20th, despite a trading volume that exceeded its 50-day average.

Cadence Design Systems, Inc.

Chip design software firm Cadence forecasts third-quarter results below estimates

Cadence Design Systems has forecasted Q3 revenue between $1.165 billion and $1.195 billion, which is below analysts' expectations. The adjusted earnings per share are also projected to be lower than estimates. However, the company raised its fiscal 2024 revenue forecast to between $4.60 billion and $4.66 billion.

Cadence Design Systems Beats Earnings Estimates

Cadence Design Systems, Inc. (NASDAQ:CDNS) Shares Bought by Gilbert & Cook Inc.

Cadence Design Systems, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Cadence Design Systems (NASDAQ:CDNS) Posts Quarterly Earnings Results

Cadence (CDNS) Q2 Earnings & Revenues Top Estimates, Up Y/Y

Cadence Design Systems reported $1.17 earnings per share for the quarter, surpassing the consensus estimate by $0.04.

Convergence Investment Partners LLC Boosts Stake in Cadence Design Systems

Convergence Investment Partners LLC lifted its stake in Cadence Design Systems by 67.0% during the fourth quarter, now owning 2,801 shares worth $763,000.

Legacy Capital Wealth Partners LLC Acquires New Position in Cadence Design Systems

Legacy Capital Wealth Partners LLC acquired a new position in Cadence Design Systems during the fourth quarter worth $244,000.

Gilbert & Cook Inc. Increases Stake in Cadence Design Systems

Gilbert & Cook Inc. grew its position in Cadence Design Systems by 8.3% during the fourth quarter, now owning 3,619 shares worth $986,000.

Institutional Ownership Analysis of Cadence Design Systems, Inc.

With 88% ownership of the shares, Cadence Design Systems, Inc. (NASDAQ:CDNS) is heavily dominated by institutional owners

Cadence Design Systems, Inc. has a significant institutional ownership of 88%, with major shareholders including BlackRock, Inc. (11%), The Vanguard Group, Inc. (9.2%), and State Street Global Advisors, Inc. (4.3%). Insider ownership is less than 1%, with board members holding US$655m worth of shares, while the general public owns 11% of the company.

Cadence Design Systems Stock Underperforms on Friday

Cadence Design Systems Inc. stock underperforms Friday when compared to competitors

Cadence Design Systems Inc. stock price declined by 0.67% to $286.31 on Friday, underperforming its competitors.

Insider Transactions and Analyst Ratings

Taking a look at what insiders are doing to gauge the Cadence Design Systems, Inc. (CDNS)'s direction – Knox Daily

There have been several insider transactions at Cadence Design Systems, with multiple executives selling shares. SVP & General Counsel Nisewaner Karna reduced their holdings by selling 600 shares. Additionally, the company has received a mix of neutral and positive ratings from analysts. Morgan Stanley upgraded their rating to 'Overweight' in February 2024, while Rosenblatt Securities decreased their 'Buy' rating to 'Neutral' on the same day. Piper Sandler maintained a Neutral rating with a revised price target of $334.00.

Bank of America Raises Price Target for Cadence Design Systems

Cadence Design Systems (NASDAQ:CDNS) Price Target Raised to $350.00 at Bank of America

Bank of America raised the price target for Cadence Design Systems from $330.00 to $350.00. This comes as the company's shares have seen an increase of 5.83% over the course of the year. The move was accompanied by a buy rating, with Needham & Company LLC reaffirming a buy rating and setting a $320.00 price target. Meanwhile, Piper Sandler cut their price target to $318.00, maintaining a neutral rating.

Cadence Design Systems, Inc. is an American multinational computational software company that produces software, hardware, and silicon structures for designing integrated circuits, systems on chips (SoCs), and printed circuit boards.

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. The company also provides digital IC design and sign off products, including Genus logic synthesis and Joules RTL power solutions, as well as Modus software solution to reduce systems-on-chip design-for-test time; physical implementation tools, such as place and route, optimization, and multiple patterning preparation; and signoff products to signoff the design as ready for silicon manufacturing. In addition, it offers custom IC design and simulation products to create schematic and physical representations of circuits down to the transistor level for analog, mixed-signal, custom digital, memory, and radio frequency designs; and system design and analysis products to develop printed circuit boards and IC packages, as well as to analyze electromagnetic, electro-thermal, and other multi-physics effects. Further, the company provides intellectual property (IP) products comprising pre-verified and customizable functional blocks to integrate into customer's ICs; and verification IP and memory models to emulate and model the expected behavior and interaction of standard industry system interface protocols. Additionally, it offers services related to methodology, education, and hosted design solutions, as well as technical support and maintenance services. The company serves 5G communications, aerospace and defense, automotive, industrial and healthcare, mobile, consumer, and hyperscale computing markets. Cadence Design Systems, Inc. was incorporated in 1987 and is headquartered in San Jose, California.

COM:CADENCE

Cadence Design Systems, Inc.

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304.01

21/11 18:19

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87.12B

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509.67K

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