Cadence Design Systems Rises On Unusually High Volume (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) is trading at unusually high volume Thursday with 6.1 million shares changing hands. It is currently at two times its average daily volume and trading up $1 (+7.9%) at $13.72 as of 12:41 p.m. ET.

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Cadence Design Systems has a market cap of $3.58 billion and is part of the technology sector and computer software & services industry. Shares are down 6.2% 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 (EDA) software, hardware, verification intellectual property (VIP), and design intellectual property (Design IP) for semiconductor and electronics systems companies worldwide. The company has a P/E ratio of 8.1, below 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 revenue growth, increase in stock price during the past year, 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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