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Cadence Design Systems Inc. (NASDAQ: CDNS) Has Gained 34.58% YTD: Is There Trouble Ahead?

During the recent session, Cadence Design Systems Inc. (NASDAQ:CDNS)’s traded shares were 0.71 million, with the beta value of the company hitting 1.06. At the last check today, the stock’s price was $216.19, reflecting an intraday gain of 6.15% or $12.52. The 52-week high for the CDNS share is $219.09, that puts it down -1.34 from that peak though still a striking 35.82% gain since the share price plummeted to a 52-week low of $138.76. The company’s market capitalization is $55.57B, and the average intraday trading volume over the past 10 days was 1.67 million shares, and the average trade volume was 1.77 million shares over the past three months.

Cadence Design Systems Inc. (CDNS) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 1.90. CDNS has a Sell rating from 0 analyst(s) out of 17 analysts who have looked at this stock. 3 analyst(s) recommend to Hold the stock while 3 suggest Overweight, and 10 recommend a Buy rating for it. 1 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $1.18.

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Cadence Design Systems Inc. (NASDAQ:CDNS) trade information

Cadence Design Systems Inc. (CDNS) registered a 6.15% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 6.15% in intraday trading to $216.19 this Wednesday, 05/24/23, hitting a weekly high. The stock’s 5-day price performance is -0.30%, and it has moved by 6.18% in 30 days. Based on these gigs, the overall price performance for the year is 50.13%. The short interest in Cadence Design Systems Inc. (NASDAQ:CDNS) is 3.39 million shares and it means that shorts have 2.03 day(s) to cover.

The consensus price target of analysts on Wall Street is $226.25, which implies an increase of 4.45% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $210.00 and $240.00 respectively. As a result, CDNS is trading at a discount of -11.01% off the target high and 2.86% off the low.

Cadence Design Systems Inc. (CDNS) estimates and forecasts

Statistics show that Cadence Design Systems Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Cadence Design Systems Inc. (CDNS) shares have gone up 30.87% during the last six months, with a year-to-date growth rate more than the industry average at 17.10% against 12.60. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 9.30% this quarter and then jump 18.90% in the quarter after that. In the rating firms’ projections, revenue will increase 13.90% compared to the previous financial year.

Revenue for the current quarter is expected to be $976.49 million as predicted by 12 analyst(s). Meanwhile, a consensus of 12 analyst(s) estimates revenue growth to $1.01 billion by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $857.52 million and $902.55 million respectively. In this case, analysts expect current quarter sales to grow by 13.90% and then jump by 12.40% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 51.80%. While earnings are projected to return 23.70% in 2023, the next five years will return 17.54% per annum.

CDNS Dividends

Cadence Design Systems Inc. is due to release its next quarterly earnings between July 24 and July 28. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Cadence Design Systems Inc. (NASDAQ:CDNS)’s Major holders

Cadence Design Systems Inc. insiders own 0.95% of total outstanding shares while institutional holders control 91.75%, with the float percentage being 92.63%. Blackrock Inc. is the largest shareholder of the company, while 1,382 institutions own stock in it. As of Mar 30, 2023, the company held over 32.71 million shares (or 12.00% of all shares), a total value of $7.13 billion in shares.

The next largest institutional holding, with 28.29 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 10.38% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $6.17 billion.

Also, the Mutual Funds coming in first place with the largest holdings of Cadence Design Systems Inc. (CDNS) shares are Vanguard Total Stock Market Index Fund and Vanguard Mid-Cap Index Fund. Data provided on Dec 30, 2022 indicates that Vanguard Total Stock Market Index Fund owns about 8.34 million shares. This amounts to just over 3.06 percent of the company’s overall shares, with a $1.82 billion market value. The same data shows that the other fund manager holds slightly less at 6.39 million, or about 2.34% of the stock, which is worth about $1.39 billion.

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