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Cadence Design Systems (NASDAQ:CDNS)’s share price hit a new 52-week high during mid-day trading on Tuesday , AnalystRatingsNetwork reports. The company traded as high as $17.99 and last traded at $17.82, with a volume of 1,385,997 shares traded. The stock had previously closed at $17.63.

Several analysts have recently commented on the stock. Analysts at Topeka Capital Markets raised their price target on shares of Cadence Design Systems from $18.00 to $20.00 in a research note on Tuesday, July 22nd. They now have a “buy” rating on the stock. Separately, analysts at Needham & Company LLC raised their price target on shares of Cadence Design Systems from $16.00 to $18.00 in a research note on Tuesday, July 22nd. They now have a “buy” rating on the stock. Finally, analysts at Pacific Crest raised their price target on shares of Cadence Design Systems from $18.00 to $20.00 in a research note on Tuesday, July 22nd. They now have an “outperform” rating on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Cadence Design Systems has a consensus rating of “Buy” and an average target price of $19.29.

The stock has a 50-day moving average of $17.18 and a 200-day moving average of $16.20. The company has a market cap of $5.173 billion and a P/E ratio of 39.27.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, July 21st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.01. The company had revenue of $378.80 million for the quarter, compared to the consensus estimate of $375.93 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 4.5% on a year-over-year basis. Analysts expect that Cadence Design Systems will post $0.94 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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