Cadence Design Systems (CDNS) : Traders are bullish on Cadence Design Systems (CDNS) as it has outperformed the S&P 500 by a margin of 2.69% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.29%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.92% in the last 1 week, and is up 9.63% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Cadence Design Systems (NASDAQ:CDNS): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $25.81 and $25.68 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $26.14. The buying momentum continued till the end and the stock did not give up its gains. It closed at $26.07, notching a gain of 0.89% for the day. The total traded volume was 1,743,292 . The stock had closed at $25.84 on the previous day.
The stock has recorded a 20-day Moving Average of 4.81% and the 50-Day Moving Average is 5.91%. Cadence Design Systems Inc. is up 9.81% in the last 3-month period. Year-to-Date the stock performance stands at 25.28%.
Cadence Design Systems, Inc. (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Companys SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP) verification IP (VIP) and design IP. The Company provides maintenance for its software, emulation hardware and IP product offerings. It also provides engineering services related to methodology, education, hosted design solutions and design services for ICs and development of custom IP. The companys customers include electronics systems and semiconductor companies, Internet service providers and other technology companies that deliver a range of electronics products in market segments, such as mobile and consumer devices, communications, cloud and data center infrastructure, medical systems and other devices.