Cadence Design Systems Gains On Share Buyback Agreement With Royal Bank Of Canada

Cadence Design Systems, Inc. (CDNS) shares are gaining more than 4 percent on Tuesday morning trade after the company announced an accelerated share repurchase agreement with Royal Bank of Canada for $100 million common stock.

As per the agreement, around 489,000 shares will be delivered to Cadence, and the remainder, if any, to be settled in the third quarter of 2022.

Currently, shares are at $149.21, up 4.28 percent from the previous close of $143.09 on average volume of 352,426. The shares have been trading in an average volume of 1,586,969 for the last 52 week period.

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