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Cadence Design: The Winning Streak Continues (CDNS)

By James Quinn

Shares of Cadence Design (NASDAQ:CDNS) traded today at $61.96, breaking its 52-week high. This new high was reached on below average trading volume as 531,000 shares traded hands, while the average 30-day volume is approximately 2 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 (NASDAQ:CDNS) is currently priced 23.9% above its average consensus analyst price target of $46.60. The stock should discover initial support at its 50-day moving average (MA) of $50.99 and subsequent support at its 200-day MA of $46.03.

In the past 52 weeks, shares of Cadence Design have traded between a low of $35.49 and a high of $61.96 and are now at $61.25, which is 73% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.8% while the 200-day MA has risen 0.8%.

SmarTrend recommended that subscribers consider buying shares of Cadence Design on January 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.89. Since that recommendation, shares of Cadence Design have risen 36.3%. 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

Ticker(s): CDNS