no_limit_pictures/E+ via Getty Images I gave Cadence Design Systems (NASDAQ:CDNS) a 'Hold' rating in my initiation article published in July 2023. I highlighted their leadership position in the semiconductor electronic design automation (EDA) software industry but expressed my concerns about the stock price valuation. They released their Q2 FY24 earnings on July 22nd after the market close, beating the market consensus and gaining momentum with its AI portfolio. As its stock price is overvalued, as per my c ...