The Zacks Computer-Software Industry continues to stand out this earnings season with many of the stocks in the space topping their bottom line expectations including tech giant Microsoft (MSFT) . Accompanying Microsoft, 14 out of the 18 companies that have reported their quarterly results have surpassed earnings estimates so far.Furthermore, several of these computer software stocks currently hold spots on the Zacks Rank #1 (Strong Buy) list and here are three to consider.Image Source: Zacks Investment Res ...

SANTA CLARA, Calif. & SAN JOSE, Calif.--(BUSINESS WIRE)--Intel Foundry Services (IFS) and Cadence Design Systems, Inc. (Nasdaq: CDNS) announced they have expanded their partnership and entered into a multiyear strategic agreement to jointly develop a portfolio of key customized IP, optimized design flows and techniques for Intel 18A technology featuring RibbonFET gate-all-around transistors and PowerVia backside power delivery. Joint customers will be able to accelerate their SoC project schedules on proces ...

Cadence Design Systems’ (CDNS) stock is continuing its upward trajectory with a gain of 50.7% in the year past year compared with the S&P 500 Composite’s growth of 25.4%.Cadence offers products and tools that help customers design electronic products. The company’s core electronic design automation software and services enable engineers to develop different types of ICs.CDNS’ performance is being driven by the healthy demand for its diversified product portfolio across all segments.Image Source: Zacks Inves ...

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, February 16:Ecolab Inc. (ECL) : This hygiene solutions company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 5% over the last 60 days.Ecolab's shares gained 17.4% over the last three months compared with the S&P 500’s advance of 10.4%. The company possesses a Momentum Score of A.Cadence Design Systems, Inc. (CDNS) : This semiconductor company has ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:Cadence Design Systems, Inc. (CDNS) : This company which provides software, hardware, services, and reusable integrated circuit design blocks has seen the Zacks Consensus Estimate for its current year earnings increasing 0.7% over the last 60 days.Ecolab Inc. (ECL) : This company that provides water, hygiene, and infection prevention solutions and services has seen the Zacks Consensus Estimate for its current year earnings increasing 5% ...

Shares of Cadence Design Systems (CDNS -4.00%) declined 4% on Tuesday, following the electronics design specialist's release on the prior afternoon of its fourth-quarter 2023 report. This drop is likely mainly attributable to first-quarter 2024 guidance coming in lighter than Wall Street had expected for both revenue and adjusted earnings. Shares might have also gotten a headwind from the broader market, as all the major indexes were down due to the government's release of the consumer price index (CPI) for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-K _____________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ☐ 1934 For the transition period from _________ to_________. Commission file number 000-15867 _______________________________ ...

Cadence Design Systems (CDNS) reported $1.07 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 18.8%. EPS of $1.38 for the same period compares to $0.96 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.07 billion, representing a surprise of +0.27%. The company delivered an EPS surprise of +2.99%, with the consensus EPS estimate being $1.34.While investors closely watch year-over-year changes in headline numbers -- revenue and earn ...

Core Insights - Cadence Design Systems (CDNS) reported strong fourth-quarter 2023 results with non-GAAP earnings of $1.38 per share, exceeding estimates by 3% and showing a year-over-year increase of 43.8% [1] - Revenues reached $1.069 billion, surpassing estimates by 0.3% and reflecting an 18.8% year-over-year growth, driven by high customer demand and operational efficiency [1] - The company ended the quarter with a backlog of $6 billion and remaining performance obligations of $3.2 billion [1] Financial Performance - For 2023, CDNS achieved a revenue growth of 15% to $4.09 billion and a 20% increase in earnings to $5.15 per share [1] - In the fourth quarter, Product & Maintenance revenues constituted 91.9% of total revenues, amounting to $982 million, a 16.1% year-over-year increase, while Services revenues grew 61.1% to $87 million [4] - The Americas contributed 44% to total revenues, followed by China (15%), Other Asia (19%), Europe, the Middle East and Africa (16%), and Japan (6%) [4] Business Segments - The Digital IC business grew 22% year over year in the fourth quarter, with 34 new customers adopting CDNS' digital full flow [5] - The Functional Verification segment saw an 11% increase, attributed to rising system complexity, with significant traction in Palladium and Protium platforms [5] - The IP business registered a remarkable 36% year-over-year growth in revenues during the fourth quarter [6] Guidance and Projections - For 2024, CDNS projects revenues between $4.55 billion and $4.61 billion, indicating an 11.4% growth from the previous year [2] - Non-GAAP EPS for 2024 is expected to be between $5.87 and $5.97, suggesting a 13.7% increase from the prior year [2] - The company anticipates a non-GAAP operating margin of 42-43% and operating cash flow between $1.35 billion and $1.45 billion for 2024 [3] Cash Flow and Share Repurchase - CDNS generated operating cash flow of $272 million in the fourth quarter, down from $396 million in the previous quarter, while free cash flow was $238 million [7] - For 2023, the company reported operating cash flow of $1.349 billion and free cash flow of $1.247 billion, with $125 million in share repurchases during the fourth quarter [7] Stock Performance - The stock experienced a 7.9% decline in pre-market trading on February 13, despite a 54% increase over the past year, outperforming the sub-industry's growth of 49.5% [3]

Cadence Design Systems, Inc. (NASDAQ:CDNS) Q4 2023 Earnings Conference Call February 12, 2024 5:00 PM ET Company Participants Richard Gu - Vice President, Investor Relations Anirudh Devgan - President and Chief Executive Officer John Wall - Senior Vice President and Chief Financial Officer Conference Call Participants Jason Celino - KeyBanc Capital Markets Charles Shi - Needham Vivek Arya - Bank of America Securities Gary Mobley - Wells Fargo Securities Jay Vleeschhouwer - Griffin Securities Harlan Sur - JP ...