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September 01, 2020 1:33pm
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Why Cadence (CDNS) Stock Is Up Today

CDNS Cover Image

What Happened?

Shares of semiconductor design software provider Cadence Design Systems (NASDAQ:CDNS) jumped 13.1% in the afternoon session after the company reported impressive third-quarter earnings that blew past analysts' revenue and billings expectations. The strength was broad-based on strong double-digit sales growth recorded in the System Design & Analysis and IP segments. The Q4 bookings pipeline was described by management as “exceptionally strong”, suggesting a healthy rebound in the company's backlog. This was a very good quarter.

Is now the time to buy Cadence? Access our full analysis report here, it’s free.

What The Market Is Telling Us

Cadence’s shares are not very volatile and have only had 6 moves greater than 5% over the last year. Moves this big are rare for Cadence and indicate this news significantly impacted the market’s perception of the business.

Cadence is up 8.1% since the beginning of the year, but at $284.26 per share, it is still trading 12.9% below its 52-week high of $326.50 from June 2024. Investors who bought $1,000 worth of Cadence’s shares 5 years ago would now be looking at an investment worth $4,309.

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