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NEW YORK ( TheStreet) -- Cadence Design Systems (Nasdaq: CDNS) hit a new 52-week high Thursday as it is currently trading at $11.10, above its previous 52-week high of $11.07 with 10.4 million shares traded as of 12:15 p.m. ET. Average volume has been 3.4 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 24.7% year to date as of the close of trading on Wednesday. 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 22.5, equal to the average computer software & services industry P/E ratio and above the S&P 500 P/E ratio of 17.7.