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

By David Diaz

Cadence Design Systems (NASDAQ:CDNS) traded today at a new 52-week high of $33.13. So far today approximately 299,000 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.

In the past 52 weeks, Cadence Design Systems share prices have been bracketed by a low of $18.13 and a high of $33.13 and are now at $33.13, 83% 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%.

Cadence Design Systems (NASDAQ:CDNS) is currently priced 12.5% above its average consensus analyst price target of $29.00. 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 Systems on February 2nd, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.72. Since that recommendation, shares of Cadence Design Systems have risen 18.6%. 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