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Cadence Design Looks to Continue to Trade Above its Annual-High Share Price Today

By Amy Schwartz

Shares of Cadence Design (NASDAQ:CDNS) traded today at $38.60, breaking its 52-week high. So far today approximately 101,000 shares have been exchanged, as compared to an average 30-day volume of 2.5 million shares.

Over the past year, Cadence Design has traded in a range of $22.99 to $38.60 and is now at $38.54, 68% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology. The Company licenses its electronic design automation software technology and provides a variety of professional services. Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

Cadence Design (NASDAQ:CDNS) is currently priced 10.5% above its average consensus analyst price target of $34.50. The stock should find initial support at its 50-day moving average (MA) of $23.00 and further support at its 200-day MA of $21.41.

SmarTrend recommended that subscribers consider buying shares of Cadence Design on July 25th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.05. Since that recommendation, shares of Cadence Design have risen 6.4%. We continue to monitor CDNS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows cadence design

Ticker(s): CDNS