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

By David Diaz

Cadence Design (NASDAQ:CDNS) traded at a new 52-week high today of $39.49. This new high was reached on below average trading volume as 193,000 shares traded hands, while the average 30-day volume is approximately 2.5 million shares.

Cadence Design (NASDAQ:CDNS) is currently priced 12.2% 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.

In the past 52 weeks, shares of Cadence Design have traded between a low of $22.99 and a high of $39.49 and are now at $39.28, which is 71% above that low price. Over the past week, 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.

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 9.0%. 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