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

By Shiri Gupta

Cadence Design Systems (NASDAQ:CDNS) traded at a new 52-week high today of $28.00. So far today approximately 309,000 shares have been exchanged, as compared to an average 30-day volume of 2.5 million shares.

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 Systems (NASDAQ:CDNS) is currently priced 7.7% above its average consensus analyst price target of $24.19. The stock should discover initial support at its 50-day moving average (MA) of $23.00 and subsequent support at its 200-day MA of $21.41.

In the past 52 weeks, shares of Cadence Design Systems have traded between a low of $18.13 and a high of $28.00 and are now at $26.21, which is 45% above that low price. 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%.

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 25.9%. 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