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Cadence Design Systems: The Winning Streak Continues (CDNS)

By Amy Schwartz

Shares of Cadence Design Systems (NASDAQ:CDNS) traded at a new 52-week high today of $25.49. This new high was reached on below average trading volume as 508,000 shares traded hands, while the average 30-day volume is approximately 2.5 million shares.

Cadence Design Systems share prices have moved between a 52-week high of $25.49 and a 52-week low of $18.13 and are now trading 39% above that low price at $25.28 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.3%.

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.

Based on a current price of $25.28, Cadence Design Systems is currently 4.3% 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.

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 21.0%. 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 systems

Ticker(s): CDNS