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

By Nick Russo

Shares of Cadence Design Systems (NASDAQ:CDNS) traded today at $23.78, breaking its 52-week high. Approximately 274,000 shares have changed hands today, as compared to an average 30-day volume of 2.4 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.

Potential upside of 1.9% exists for Cadence Design Systems, based on a current level of $23.73 and analysts' average consensus price target of $24.19. The stock should find initial support at its 50-day moving average (MA) of $22.54 and further support at its 200-day MA of $21.24.

Cadence Design Systems share prices have moved between a 52-week high of $23.78 and a 52-week low of $18.13 and are now trading 31% above that low price at $23.73 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.6%.

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 $20.84. Since that recommendation, shares of Cadence Design Systems have risen 13.9%. 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