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Cadence Design Systems (NASDAQ:CDNS) shares hit a new 52-week high during trading on Tuesday , ARN reports. The stock traded as high as $16.40 and last traded at $16.37, with a volume of 5,089,424 shares trading hands. The stock had previously closed at $15.86.

Several analysts have recently commented on the stock. Analysts at Summit Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday. They now have a $19.00 price target on the stock, up previously from $16.00. Separately, analysts at DA Davidson reiterated a “buy” rating on shares of Cadence Design Systems in a research note on Wednesday, April 16th. They now have a $18.00 price target on the stock. Finally, analysts at Zacks downgraded shares of Cadence Design Systems from an “outperform” rating to a “neutral” rating in a research note on Tuesday, April 1st. They now have a $17.50 price target on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Cadence Design Systems presently has an average rating of “Buy” and an average target price of $17.70.

The stock’s 50-day moving average is $15.21 and its 200-day moving average is $14.46. The company has a market cap of $4.723 billion and a P/E ratio of 39.45.

Cadence Design Systems (NASDAQ:CDNS) last released its earnings data on Monday, April 21st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. The company had revenue of $378.55 million for the quarter, compared to the consensus estimate of $376.80 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts expect that Cadence Design Systems will post $0.97 EPS for the current fiscal year.

Cadence Design Systems, Inc (NASDAQ:CDNS) develops electronic design automation (EDA), software, hardware, and silicon intellectual property (IP).

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