Cadence Design Systems Stock Hits New 52-Week High (CDNS)

NEW YORK ( TheStreet) -- Cadence Design Systems (Nasdaq: CDNS) hit a new 52-week high Thursday as it is currently trading at $12.62, above its previous 52-week high of $12.60 with 1.9 million shares traded as of 1:05 p.m. ET. Average volume has been 3.5 million shares over the past 30 days.

Cadence Design Systems has a market cap of $3.41 billion and is part of the technology sector and computer software & services industry. Shares are up 19.1% year to date as of the close of trading on Wednesday.

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 31.8, below the average computer software & services industry P/E ratio of 32.6 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, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Cadence Design Systems Ratings Report.

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