NEW YORK ( TheStreet) -- Cadence Design Systems (Nasdaq: CDNS) hit a new 52-week high Thursday as it is currently trading at $12.05, above its previous 52-week high of $12 with 2.9 million shares traded as of 3:50 p.m. ET. Average volume has been 2.7 million shares over the past 30 days.

Cadence Design Systems has a market cap of $2.92 billion and is part of the technology sector and computer software & services industry. Shares are up 14.8% 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 131.4, below the average computer software & services industry P/E ratio of 134.1 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Cadence Design Systems as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, increase in net income, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated. You can view the full Cadence Design Systems Ratings Report.

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