The recession is not over for Cadence. Cadence was suffering from a recession of it's own making before the market wide recession. Stock moves over the last 2 years on this particular stock have little if anything to do with the company and it's actual business performance.
As for the layoffs, if they follow pattern, then it is 3-5% of heads, probably peanut buttered across the rank and file. Meaning that they still are not making the tough but needed decisions to terminate ailing products and run a leaner and more profitable operation.
This company forecasts ~$1B for 2011. To do so, and to do so on sound business footing, they need to get below 3500 headcount. I don't think they are there yet.