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Cadence Design Systems (NASDAQ:CDNS)’s share price hit a new 52-week high on Monday , AnalystRatings.NET reports. The stock traded as high as $17.66 and last traded at $17.54, with a volume of 923,934 shares changing hands. The stock had previously closed at $17.56.

CDNS has been the subject of a number of recent research reports. Analysts at Zacks upgraded shares of Cadence Design Systems from a “neutral” rating to an “outperform” rating in a research note on Wednesday, July 2nd. They now have a $18.80 price target on the stock. Separately, analysts at Summit Research upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, May 20th. They now have a $19.00 price target on the stock, up previously from $16.00. Finally, 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. Six analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $17.95.

The stock has a 50-day moving average of $16.86 and a 200-day moving average of $15.33. The company has a market cap of $5.064 billion and a P/E ratio of 43.68.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings data on Monday, April 21st. The company reported $0.20 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.21 earnings per share. Cadence Design Systems’s revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that Cadence Design Systems will post $0.97 earnings per share 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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