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Cadence Design Systems: 52-Week High Recently Eclipsed (CDNS)

By Shiri Gupta

Cadence Design Systems (NASDAQ:CDNS) traded at a new 52-week high today of $26.33. Approximately 499,000 shares have changed hands today, as compared to an average 30-day volume of 2.5 million shares.

Cadence Design Systems (NASDAQ:CDNS) is currently priced 7.9% above its average consensus analyst price target of $24.19. 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.

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.

In the past 52 weeks, shares of Cadence Design Systems have traded between a low of $18.13 and a high of $26.33 and are now at $26.25, which is 45% 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%.

SmarTrend recommended that subscribers consider buying shares of Cadence Design Systems on February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.83. Since that recommendation, shares of Cadence Design Systems have risen 22.5%. 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 systems

Ticker(s): CDNS