Cadence Lifts FY Revenue Outlook to $6.39B-$6.42B
CDNS sits 23% above its 52-week low of $262.749.
Summary
Cadence raised its full-year revenue guidance to $6.39B-$6.42B, up from the $6.26B-$6.34B range it gave in early August, and now sees FY adjusted EPS of $8.37-$8.43. The midpoint moves up roughly $105M, a modest but real bump for a company that posted $1.58B in Q2 revenue, up 24% year over year, and $1.63B in Q3 revenue, with Q3 EPS of $1.05 and adjusted EPS of $2.11. Backlog stood at $8.1B at the last quarterly report, so the higher outlook implies demand is holding rather than fading. The stock trades near $322 with an $89B market cap, so this is an incremental raise, not a thesis-changer.
At the time of this announcement, CDNS was trading at $322.17 on NASDAQ in the Technology sector, with a market capitalization of approximately $88.7B. The 52-week trading range was $262.75 to $416.69. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.