Cadence Design Systems (CDNS), a maker of electronic design automation software, late Monday edged above Wall Street’s targets for the second quarter and with its outlook for the rest of the year. But CDNS stock fell in extended trading.
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The San Jose, Calif.-based company earned an adjusted $1.22 a share on sales of $977 million in the June quarter. Analysts polled by FactSet expected Cadence earnings of $1.18 a share on sales of $976 million. In the year-earlier period, Cadence earned an adjusted $1.08 a share on sales of $858 million.
In after-hours trading on the stock market today, CDNS stock fell 3.4% to 232.99. During the regular session Monday, shares dropped 0.7% to close at 241.27.
Earnings report details to follow.
CDNS Stock Is A Recent Breakout
On May 25, Cadence shares broke out of a flat base at a buy point of 217.67, according to IBD MarketSmith charts. The breakout came a week after CDNS stock touched that buy point, but in below-average trading volume. It notched a record high of 248.16 on July 20.
CDNS stock is on the IBD Tech Leaders, Big Cap 20 and Long-Term Leaders stock lists.
Cadence ranks first out of 12 stocks in IBD’s Computer Software-Design industry group, according to IBD Stock Checkup. CDNS stock has an IBD Composite Rating of 97 out of 99.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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