In today’s recent session, 1.96 million shares of the Cadence Design Systems, Inc. (NASDAQ:CDNS) have been traded, and its beta is 1.05. Most recently the company’s share price was $280.41, and it changed around -$4.61 or -1.62% from the last close, which brings the market valuation of the company to $76.44B. CDNS at last check was trading at a discount to its 52-week high of $327.36, offering almost -16.74% off that amount. The share price’s 52-week low was $194.01, which indicates that the recent value has risen by an impressive 30.81% since then. We note from Cadence Design Systems, Inc.’s average daily trading volume that its 3-month average coming to 1.48 million.
Cadence Design Systems, Inc. stock received a consensus recommendation rating of Hold, based on a mean score of 1.83. If we narrow it down even further, the data shows that 1 out of 9 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 5 recommended CDNS as a Hold, whereas 1 deemed it a Buy, and 0 rated it as Underweight. Cadence Design Systems, Inc. is expected to report earnings per share of $1.43 for the current quarter.
Cadence Design Systems, Inc. (NASDAQ:CDNS) trade information
Instantly CDNS has been showing red trend so far today with a performance of -1.62% on intraday trading today. The performance over the last five days has remained in the red territory. The company’s shares are currently up 2.95% year-to-date, but still down -6.78% over the last five days. On the other hand, Cadence Design Systems, Inc. (NASDAQ:CDNS) is -13.12% down in the 30-day period.
The consensus price target as assigned by Wall Street analysts is $245.8, which translates to bulls needing to decrease their stock price by -14.08% from its current value. Analyst projections state that CDNS is forecast to be at a low of $165 and a high of $350.
Cadence Design Systems, Inc. (CDNS) estimates and forecasts
Cadence Design Systems, Inc. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 17.50 percent over the past six months and at a 15.15% annual growth rate that is well below the industry average of 15.20%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 17.20% in revenue this quarter, and will report an increase of 27.80% in the next quarter. The year-over-year growth rate is expected to be 12.20%, up from the previous year.
Consensus estimates provided by 11 financial analysts predict the company will bring in an average of $1.11 billion in revenue for the current quarter. 11 analysts expect Cadence Design Systems, Inc. to make $1.2 billion in revenue for the quarter ending Sep 2024. The company’s sales for the same quarters a year ago were $974.86 million and $1.02 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 14.00%. Forecasts for the next quarter put sales growth at 17.20%.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 25.42%. Cadence Design Systems, Inc. earnings are expected to increase by 15.25% in 2024, but the outlook is positive 17.05% per year for the next five years.
