It's a sign of a lack of vision and risk taking for growth. Buying stock through repurchase indicates a lack of faith for investment of hard earned profit back into the business to build or acquire new products for top line growth. EDA is a stagnant market with little growth opportunities or adjacencies, and static market share position. All M&A opportunities are dilutive and they don't have the courage to try to go for another market. So if anything the news is bad that they don't have a growth opportunity to invest in and thus default to repurchase of shares which at best has a 1-1 appreciation value, and given the time cost of capital has a deflationary aspect so is 1-1.1 or worse. Compare to Intel, who put down $7B into new fabs at the bottom of the downturn.
It is not a "fad" stock like Apple, for example. It has a pretty large buffer of "sleepers"/"suckers", many of which have no idea about the news, and still have sell orders placed, like a month ago for $22, $23 etc. Newbie clerks at institutions being a large part of that population. So even though the real current price of this stock is $26 per share, we will still spend some time clearing out the buffer of "suckers" (most of which will lose their jobs afterwards, BTW). It works like that with all stocks, but with fad ones like Apple the "buffer" gets cleaned out in seconds. With this stock it might take 2-3 days. Don't worry, we'll be at $26 early next week. (For a small trader is actually a good thing - you get a chance to buy $26 stock for $22 :)