NEW YORK (

TheStreet

) -- Shares of

Cadence Design Systems

(Nasdaq:

CDNS

) were gapping up Friday morning with an open price 11.2% higher than Thursday's closing price. The stock closed at $9.41 Thursday and opened today's trading at $10.46.

The average volume for Cadence Design Systems has been 2.9 million shares per day over the past 30 days. Cadence Design Systems has a market cap of $2.6 billion and is part of the

technology

sector and

computer software & services

industry. Shares are up 13.9% year to date as of the close of trading on Thursday.

Cadence Design Systems, Inc. develops electronic design automation software and hardware for customers worldwide. Its products and services are used to design and develop integrated circuits (ICs), and electronics systems. The company has a P/E ratio of 17.6, equal to the average computer software & services industry P/E ratio and equal to the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Cadence Design Systems as a

hold

. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and solid stock price performance. However, as a counter to these strengths, we find that the company has not been very careful in the management of its balance sheet. You can view the full

Cadence Design Systems Ratings Report

.

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