Cadence Plans Stock Buyback

The company can repurchase up to $500 million of its stock.
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Cadence Design Systems

(CDNS) - Get Report

said its board approved a program in which the company can repurchase up to $500 million of its common stock.

The company, whose software and hardware are used to design semiconductors and consumer electronics, said it can buy back shares in the open market or in privately negotiated transactions.

Shares of Cadence were up 16 cents to $16.90 Friday.