Cadence Design Systems Reaches 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 Thursday as it is currently trading at $15.05, above its previous 52-week high of $14.99 with 341,161 shares traded as of 10 a.m. ET. Average volume has been three million shares over the past 30 days.

Cadence Design Systems has a market cap of $4.2 billion and is part of the technology sector and computer software & services industry. Shares are up 9.9% 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 8.6, 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 compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. You can view the full Cadence Design Systems Ratings Report.

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