Cadence Design Systems Analysts Raise Their Forecasts After Q4 Results
Portfolio Pulse from Avi Kapoor
Cadence Design Systems, Inc. (NASDAQ:CDNS) exceeded Q4 expectations with adjusted earnings of $1.38 per share and sales of $1.07 billion. The company forecasts FY 2024 revenue between $4.55 billion and $4.61 billion, and non-GAAP net income per share between $5.87 and $5.97. Despite positive results, CDNS shares dropped 1.7% to $306.58. Analysts from Keybanc, Needham, and Rosenblatt adjusted their price targets post-results, with varying ratings.
February 13, 2024 | 1:44 pm
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NEGATIVE IMPACT
Cadence Design Systems reported strong Q4 results and optimistic FY 2024 guidance, but shares fell 1.7% post-announcement.
Despite exceeding Q4 expectations and providing a positive outlook for FY 2024, CDNS shares fell by 1.7%, indicating a short-term negative market reaction. This drop could be due to profit-taking or market expectations being even higher than the reported results. The adjustments in price targets by analysts reflect a positive long-term view but may not immediately counteract the short-term negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100