Piper Jaffray analyst Ruben Roy reiterated an Overweight rating and bumped his price target on Cadence Designs (NASDAQ: CDNS) to $22.00 (from $21.00) following solid Q2 results and a new buyback plan.

Roy commented, "CDNS continues to perform with relative stability within an increasingly volatile semiconductor environment. Q2 revenue of $416M (+1.1% Q/Q) was at the higherend of guidance and essentially in line with consensus while non-GAAP EPS of $0.27 was above consensus expectations for $0.24 mostly on lower expenses. FY15 revenue guidance was slightly narrowed with the midpoint of $1.7B unchanged and in line with consensus ($1.7B) while non-GAAP EPS guidance of $1.00-$1.06 was raised two cents at the midpoint of $1.03. Despite the challenging macro environment, we believe that overall EDA trends remain favorable and, within this environment, CDNS appears to be a share gainer. With a new and improved share repurchase plan in place, we continue to view CDNS shares favorably. Slightly adjusting estimates and PT to $22 from 21."

The firm raised FY 2015 EPS from $1.00 to $1.03 and FY 2016 EPS from $1.10 to $1.18.

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Shares of Cadence Designs closed at $18.97 yesterday.