On July 28, Cadence Design rose 4.14% in regular trading, trading at $339.57/share, with turnover of $267 million. The rally was driven by the company's strong Q2 earnings report and upward revision to full-year guidance.

Cadence Design reported Q2 revenue of $1.584 billion, up 24% year-over-year, exceeding the consensus estimate of $1.577 billion. Adjusted EPS came in at $2.11, surpassing the analyst estimate of $2.06 and representing a 28% increase from $1.65 in the prior-year period. Non-GAAP operating margin expanded from 42.8% to 45.5%, reflecting broad-based strength across business segments. Period-end backlog reached a record $8.1 billion.

The company raised its full-year fiscal guidance, now expecting adjusted EPS of $8.05-$8.15 on revenue of $6.26-$6.34 billion, up from prior guidance of $7.85-$7.95 EPS on $6.13-$6.23 billion revenue. Management cited accelerating demand for AI-driven semiconductor design tools as the primary driver. Citigroup subsequently raised its price target from $400 to $420, maintaining a Buy rating.

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