From Financial Modeling Prep: 2024-10-29 10:04:32

Cadence Design Systems, Inc. (NASDAQ:CDNS) surpasses Q3 earnings and revenue expectations, reporting earnings of $1.64 per share. Needham maintains a “Buy” rating but adjusts price target to $315 from $320. The company boasts a backlog of $5.6 billion, indicating strong future demand.

Cadence is a top provider of electronic design automation software, crucial in the semiconductor industry. Needham retains “Buy” rating for Cadence on Oct 29, 2024, with stock at $252.77. Despite positive rating, price target is reduced to $315 from $320, showing cautious approach.

Q3 earnings of $1.64 per share exceed estimates, signaling strong growth. Stock price rises to $275.05, up 8.81% or $22.28. Stock fluctuates between $271.99 and $282.18. Company’s solid demand trends drive financial success.

Company concludes quarter with $5.6 billion backlog, hinting at robust future business. Strong demand for products and services supports positive outlook. Market cap is around $75.31 billion, highlighting significant industry presence.



Read more at Financial Modeling Prep:: Cadence Design Systems, Inc. (NASDAQ:CDNS) Maintai…