Cadence Design Systems Falls Short of Analyst Expectations with Q2 Guidance

WallStreetZen04-24

Piper Sandler's Clarke Jeffries lowered their price target on Cadence Design Systems (NASDAQ: CDNS) by 4.8% from $334 to $318 on 2024/04/23. The analyst maintained their Hold rating on the stock.In an...

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The analyst maintained their Hold rating on the stock.In an...</p>\n\n<a href=\"https://www.wallstreetzen.com/news/cadence-design-systems-falls-short-of-analyst-expectations-with-q2-guidance\">Source Link</a>\n\n</div>\n","source":"wallstreetzen_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cadence Design Systems Falls Short of Analyst Expectations with Q2 Guidance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCadence Design Systems Falls Short of Analyst Expectations with Q2 Guidance\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-24 15:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wallstreetzen.com/news/cadence-design-systems-falls-short-of-analyst-expectations-with-q2-guidance><strong>WallStreetZen</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Piper Sandler's Clarke Jeffries lowered their price target on Cadence Design Systems (NASDAQ: CDNS) by 4.8% from $334 to $318 on 2024/04/23. The analyst maintained their Hold rating on the stock.In an...</p>\n\n<a href=\"https://www.wallstreetzen.com/news/cadence-design-systems-falls-short-of-analyst-expectations-with-q2-guidance\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0354030511.USD","symbol_name":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","start_time":0,"source_url":"https://www.wallstreetzen.com/news/cadence-design-systems-falls-short-of-analyst-expectations-with-q2-guidance","article_id":"2429485036","we_media_id":null,"thumbnails":["https://images.unsplash.com/photo-1523726491678-bf852e717f6a?crop=entropy&cs=tinysrgb&fit=crop&fm=jpg&ixid=M3w0NDY2OTN8MHwxfGFsbHx8fHx8fHx8fDE3MDcyMDE0ODZ8&ixlib=rb-4.0.3&q=80&w=260&utm_source=wallstreetzen&utm_medium=referral&utm_campaign=api-credit&h=180"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2429485036","pubTimestamp":1713942360,"sourceInfo":{"source_id":"wallstreetzen_highlight","name":"WallStreetZen"},"weMediaInfo":null,"summary":"Piper Sandler's Clarke Jeffries lowered their price target on Cadence Design Systems (NASDAQ: CDNS) by 4.8% from $334 to $318 on 2024/04/23. The analyst maintained their Hold rating on the stock.In an","collect":0,"end_time":0,"defaultTopTitle":"wallstreetzen.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4023":"应用软件","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU1978683503.SGD":"Blackrock Sustainable Energy A2 SGD-H","BK4585":"ETF&股票定投概念","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU2063271972.USD":"富兰克林创新领域基金","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU0124384867.USD":"贝莱德新能源基金A2","CDNS":"铿腾电子","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","LU1861214812.USD":"Blackrock Future of Transport A2 USD","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4567":"ESG概念","BK4588":"碎股"},"translate_title":"Cadence Design Systems在Q2的指导下没有达到分析师的预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CDNS":1},"content_text":"Piper Sandler's Clarke Jeffries lowered their price target on Cadence Design Systems (NASDAQ: CDNS) by 4.8% from $334 to $318 on 2024/04/23. The analyst maintained their Hold rating on the stock.In an assessment of Cadence Design Systems' 2024/04/22-dated Q1 2024 earnings report, Jeffries pointed out that while the company's quarterly results were strong, management's EPS and revenue guidance for Q2 fell short of expectations.The analyst noted that the guidance contradicted commentary about the record-breaking bookings quarter, the accelerated expansion of the company's backlog, and the $10M increase in the revenue projection for FY 2024 at the midpoint.For Q1 2024, Cadence Design Systems reported earnings per share (EPS) of $1.17, beating the Zacks Consensus Estimate of $1.13 but missing Q1 2023's EPS of $1.29 by 9.3%. The company's revenue for Q1 2024 was $1.01B, missing the Zacks Consensus Estimate by 0.49% and Q1 2023's revenue of $1.02B by 1.2%. The operating margin for Q1 2024 was 38%, compared to Q1 2023's 42%.Looking ahead, Cadence Design Systems' management provided guidance for Q2 2024, including an EPS range of $1.20 to $1.24 and a revenue range of $1.03B to $1.05B. The projected operating margin for Q2 2024 is 38.5% to 39.5%. For FY 2024, the company expects an EPS range of $5.88 to $5.98, revenue of $4.56B to $4.62B, and an operating margin of 42% to 43%.In response to the earnings report and guidance, President & CEO Anirudh Devgan commented, \"Q1 was a strong start to the year as we delivered solid Q1 results.\" Devgan also expressed satisfaction with the record Q1 backlog, reflecting the company's broad-based strength and product leadership. Additionally, Devgan mentioned the momentum of Cadence.AI portfolio and the launch of third-generation Dynamic Duo hardware platforms.CFO John Wall added, \"Our strong Q1 results reflect our continued technology leadership supporting our customers and partners, and solid execution from the Cadence team.\" Wall highlighted the record Q1 bookings and achieved record Q1 backlog of approximately $6.0B.Analyzing analyst ratings, 80% of top-rated analysts currently rate CDNS as a Strong Buy or Buy, while 20% consider it a Hold. No analysts recommend or strongly recommend selling the stock.Since CDNS's latest quarterly report on 2024/04/22, the stock price has decreased by 1.1%. However, on a year-over-year basis, the stock is up 32.3%. During that period, CDNS has outperformed the S&P 500, which is up 22.6%.It is worth noting that Piper Sandler analyst Clarke Jeffries, who provided the recent rating and price target adjustments, is ranked in the bottom 10% out of 4,560 Wall Street analysts by WallStreetZen. Jeffries specializes in the Technology sector and has an average return of -1.6% and a 46.7% win rate.Cadence Design Systems, Inc. is a global provider of software, hardware, services, and reusable integrated circuit (IC) design blocks. The company offers various solutions, including functional verification services, digital IC design and sign-off products, physical implementation tools, custom IC design and simulation products, IP products, and system design and analysis products. Cadence Design Systems serves a range of industries, including 5G communications, aerospace and defense, automotive, industrial and healthcare, mobile, consumer, and hyperscale computing.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429485036"}