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NEW YORK ( TheStreet) -- Cadence Design Systems (Nasdaq: CDNS) hit a new 52-week high Monday as it is currently trading at $12.45, above its previous 52-week high of $12.44 with 339,464 shares traded as of 10 a.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 18.6% year to date as of the close of trading on Friday. Cadence Design Systems, Inc. develops, sells or leases, licenses, and maintains electronic design automation software, hardware, verification intellectual property (IP), and design IP for semiconductor and electronic system customers worldwide. The company has a P/E ratio of 45.9, 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.