These Analysts Revise Their Forecasts On Cadence Design Systems Following Q3 Results

Cadence Design Systems, Inc. CDNS reported better-than-expected third-quarter financial results on Monday.

Cadence Design reported quarterly earnings of $1.64 per share which beat the analyst consensus estimate of $1.44 per share. The company reported quarterly sales of $1.22 billion which beat the analyst consensus estimate of $1.18 billion.

“Cadence delivered exceptional results for the third quarter of 2024, driven by broad-based strength across our portfolio, especially in IP, SD&A, and hardware systems,” said Anirudh Devgan, president and chief executive officer. “Customers are achieving outstanding results with Cadence.AI, and I’m excited by its accelerating proliferation as AI rapidly becomes an integral part of the design workflow.”

Cadence said it sees FY24 adjusted earnings of $5.87 to $5.93 per share, versus analysts' estimates of $5.89 per share. The company expects revenue of $4.61 billion to $4.65 billion versus projections of $4.628 billion.

Cadence Design shares fell 1.8% to close at $252.77 on Monday.

These analysts made changes to their price targets on Cadence Design following earnings announcement.

Needham analyst Charles Shi maintained Cadence Design Sys with a Buy and lowered the price target from $320 to $315.
Baird analyst Joe Vruwink maintained the stock with an Outperform and raised the price target from $332 to $340.

Considering buying CDNS stock? Here’s what analysts think: