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The company ended second quarter with backlog of $3.9 billion.
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The top line benefited from continued strength across all segments. Revenues of $728 million surpassed the Zacks Consensus Estimate by 1.7% and increased 14% on a year-over-year basis. The bottom line increased 30.3% year over year. Third, the engineering, testing and simulation of these ultra-miniature designs are critical before they are shipped to a chip foundry, or "fab."Ĭadence posted second-quarter 2021 non-GAAP earnings of 86 cents per share, which topped the Zacks Consensus Estimate by 14.7%. Second, the proliferation of applications in autos, mobile, home, factory, and datacenter are accelerating demand and custom solutions for OEMs.
CADENCE VS SYNOPSYS SOFTWARE
The software to design semiconductors has become ever more important for at least 3 reasons.įirst, transistor architecture has slipped to sub-microscopic levels under 10 nanometers, smaller than the coronavirus. This Zacks #2 Rank is not cheap at 12X sales, but after a solid beat-and-raise Q1 reported in late April, several analyst price targets moved to $160 and higher. Its design IP’s are directly integrated into the ICs. Through its System Design Enablement (SDE) strategy, the company offers software, hardware, services and reusable IC design blocks (IPs) to electronic systems and semiconductor customers.Ĭadence’s core Electronic Design Automation (EDA) software and services enable engineers to develop different types of ICs. See my Dec 28 commentary "Stealth AI Companies" for more background. I profiled this $35 billion provider of industrial automation design products (think CAD/CAM goes AI) last August and again in December, saying we had to be buyers of dips under $110. While I'm fine paying $125, it could fill yesterday's gap back to $122. Portfolio is buying Cadence Design Systems (CDNS) with a 7% allocation between $122 and $125. Here's what I wrote on May 21 for my TAZR Trader members when we bought shares and I explained the company's unique business. After a beat-and-raise Q2 reported on July 26, estimates, price targets and the stock have all made new highs. Cadence Design Systems CDNS is a $43 billion provider of software that designs semiconductors.