Cadence Design Systems, Inc. (NASDAQ:CDNS) reported its Q3 results, with all metrics being above the Street expectations, and stronger-than-expected demand driving quarterly revenue outperformance. Following solid Q3 results, the company’s management raised its full 2021-year guidance, now anticipating revenue of $2.97 billion, which represents a 10.7% growth.

Analysts at Berenberg Bank raised their price target on the company’s shares to $180 from $170 on higher full 2021-year expectations.