Cadence Design Systems Inc (NASDAQ:CDNS) reported upbeat financial results for the fourth quarter Tuesday after the bell.
Cadence Design Systems reported fourth-quarter revenue of $1.44 billion, beating analyst estimates of $1.42 billion. The company reported fourth-quarter adjusted earnings of $1.99 per share, beating estimates of $1.91 per share, according to Benzinga Pro.
“Strong customer demand for our expanding AI-driven product portfolio and the essential nature of Cadence’s engineering software position us well to capture the massive opportunities in the AI era,” said Anirudh Devgan, president and CEO of Cadence Design Systems.
Cadence Design Systems expects first-quarter adjusted earnings to be in the range of $1.89 to $1.95 per share versus estimates of $1.80 per share. The company also guided for full-year adjusted earnings of $8.05 to $8.15 per share versus estimates of $8.05 per share. Cadence sees full-year revenue in the range of $5.90 billion to $6 billion versus estimates of $5.94 billion.
Cadence Design shares fell 5.3% to close at $283.46 on Tuesday.
These analysts made changes to their price targets on Cadence Design following earnings announcement.
- Morgan Stanley analyst Lee Simpson maintained Cadence Design with an Overweight rating and lowered the price target from $385 to $370.
- Piper Sandler analyst Clarke Jeffries maintained the stock with a Neutral and cut the price target from $355 to $319.
- Rosenblatt analyst Blair Abernethy upgraded Cadence Design from Neutral to Buy and raised the price target from $335 to $360.
Considering buying CDNS stock? Here’s what analysts think:
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