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

Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model.

NEW YORK ( TheStreet) -- Cadence Design Systems (Nasdaq: CDNS) hit a new 52-week high Wednesday as it is currently trading at $14.67, above its previous 52-week high of $14.66 with 18,070 shares traded as of 9:30 a.m. ET. Average volume has been 2.8 million shares over the past 30 days.

Cadence Design Systems has a market cap of $4.03 billion and is part of the technology sector and computer software & services industry. Shares are up 5.9% year to date as of the close of trading on Tuesday.

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 9.1, below the S&P 500 P/E ratio of 17.7.

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TheStreet Ratings rates Cadence Design Systems as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, notable return on equity, attractive valuation levels and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full Cadence Design Systems Ratings Report.

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