Cadence Design Systems Inc (NASDAQ:CDNS) reported upbeat financial results for the second quarter of 2026 on Monday.

Cadence Design Systems reported second-quarter revenue of $1.584 billion, beating analyst estimates of $1.577 billion. The company reported second-quarter adjusted earnings of $2.11 per share, beating estimates of $2.06 per share, according to Benzinga Pro.

"Cadence is leading the agentic AI transformation in semiconductor design with a healthy environment. We are uniquely positioned to capitalize on this massive TAM expansion opportunity as the only provider with agentic solutions spanning the full electronic system design flow," said Anirudh Devgan, president and CEO of Cadence Design Systems.

The company raised its full-year revenue guidance from a range of $6.13 billion to $6.23 billion to a new range of $6.26 billion to $6.34 billion, versus estimates of $6.21 billion. Cadence also raised its full-year adjusted earnings guidance from a range of $7.85 to $7.95 per share to an updated range of $8.05 to $8.15 per share, versus estimates of $7.96 per share.

Cadence Design shares gained 3.4% to $349.97 in pre-market trading.

These analysts made changes to their price targets on Cadence Design following earnings announcement.

  • Piper Sandler analyst Clarke Jeffries maintained the stock with a Neutral and raised the price target from $325 to $349.
  • Baird analyst Joe Vruwink maintained the stock with an Outperform rating and raised the price target from $415 to $420.
  • Needham analyst Charles Shi reiterated Cadence Design with a Buy and maintained a $400 price target.

Considering buying CDNS stock? Here’s what analysts think:

Photo via Shutterstock