Cadence Design Systems, Inc. (NASDAQ:CDNS) reported better-than-expected fourth-quarter financial results on Monday.
Cadence Design posted adjusted earnings of $1.38 per share, beating market estimates of $1.33 per share. The company’s quarterly sales came in at $1.07 billion versus expectations of $1.06 billion, according to data from Benzinga Pro.
“Cadence delivered exceptional results for 2023, propelled by our innovative solutions and the successful execution of our Intelligent System Design strategy,” said Anirudh Devgan, president and chief executive officer. “I’m thrilled about the opportunities ahead of us, particularly in AI and 3D-IC. And I look forward to continuing to drive our broad-based business momentum through our technology leadership.”
For fiscal year 2024, the company said it sees revenue in the range of $4.55 billion to $4.61 billion and non-GAAP diluted net income in the range of $5.87 to $5.97 per share.
Cadence Design Systems shares fell 1.7% to close at $306.58 on Monday.
These analysts made changes to their price targets on Cadence Design Systems after the company reported quarterly results.
- Keybanc increased the price target on Cadence Design Systems from $325 to $335. Keybanc analyst Jason Celino maintained an Overweight rating.
- Needham boosted the price target on Cadence Design Systems from $315 to $320. Needham analyst Charles Shi maintained a Buy rating.
- Rosenblatt raised the price target on Cadence Design Systems from $265 to $280. Rosenblatt analyst Blair Abernethy downgraded the stock from Buy to Neutral.
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