NEW YORK (

TheStreet

) --

Cadence Design Systems

(Nasdaq:

CDNS

) hit a new 52-week high Thursday as it is currently trading at $11.05, above its previous 52-week high of $11 with 974,057 shares traded as of 9:56 a.m. ET. Average volume has been three million shares over the past 30 days.

Cadence Design Systems has a market cap of $2.8 billion and is part of the

technology

sector and

computer software & services

industry. Shares are up 32.1% year to date as of the close of trading on Wednesday.

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Cadence Design Systems, Inc. develops electronic design automation software and hardware for 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 19.5, equal to the average computer software & services industry P/E ratio and above the S&P 500 P/E ratio of 17.7.

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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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