Cadence Design Systems (CDNS) late Monday beat Wall Street’s targets for the fourth quarter but missed views with its earnings guidance for the current quarter and full year ahead. CDNS stock fell in extended trading.

X

The San Jose, Calif.-based maker of electronic design automation software earned an adjusted $1.38 a share on sales of $1.07 billion in the December quarter. Analysts polled by FactSet had expected earnings of $1.34 a share on sales of $1.06 billion. In the year-earlier period, Cadence earned an adjusted 96 cents a share on sales of $900 million.

In after-hours trading on the stock market today, CDNS stock slid more than 5% to 290. During the regular session Monday, CDNS stock dropped 1.7% to close at 306.58. Earlier in the day, Cadence stock hit an all-time high of 315.70.

Earnings report details to follow.

CDNS stock is on three IBD stock lists: Long-Term Leaders, Big Cap 20 and Tech Leaders.

Cadence Design Systems ranks third 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 98 out of 99. The design software industry group ranks No. 28 out of 197 industry groups that IBD tracks.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

YOU MAY ALSO LIKE:

Arm Continues Meteoric Rise Amid AI Stock Buying Frenzy

Is Netflix Stock A Buy After Video Streamer’s Fourth-Quarter Report?

Is Microsoft Stock A Buy As Software Giant Touts Artificial Intelligence?

Microchip Joins Other Chipmakers Cutting March-Quarter Forecasts

See Stocks On The List Of Leaders Near A Buy Point