The trading price of Cadence Design Systems, Inc. (NASDAQ:CDNS) closed lower on Tuesday, April 23, closing at $281.76, -1.14% lower than its previous close.
The company’s P/E ratio in the trailing 12-month period was 73.80, while its 5Y monthly beta was 1.03. In examining the 52-week price action we see that the stock hit a 52-week high of $327.36 and a 52-week low of $194.01. Over the past month, the stock has lost -12.70% in value.
Cadence Design Systems, Inc., whose market valuation is $76.81 billion at the time of this writing, is expected to release its quarterly earnings report Apr 22, 2024. Investors’ optimism about the company’s current quarter earnings report is understandable.
On the technical side, indicators suggest CDNS has a Hold on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Buy, while an average of long term indicators suggests that the stock is currently 50% Buy.
If we dig deeper into the stock’s outlook, we see that the stock’s PEG is 4.33, which symbolizes a positive outlook. A quick review shows that CDNS’s price is currently -7.45% off the SMA20 and -7.75% off the SMA50. The RSI metric on the 14-day chart is currently showing 33.41, and weekly volatility stands at 3.35%. When measured over the past 30 days, the indicator reaches 2.39%. Cadence Design Systems, Inc. (NASDAQ:CDNS)’s beta value is currently sitting at 1.05, while the Average True Range indicator is currently displaying 8.21.
To see how Cadence Design Systems, Inc. stock has been performing in comparison to its peers in the industry, here are the numbers: CDNS stock’s performance was -1.14% in the latest trading, and 32.28% in the past year. Cadence Design Systems, Inc. has a P/E ratio of 73.80.
An evaluation of the daily trading volume of Cadence Design Systems, Inc. (NASDAQ:CDNS) indicates that the 3-month average is 1.53 million.
Currently, records show that 271.71 million of the company’s shares remain outstanding. The insiders hold 0.88% of outstanding shares, whereas institutions hold 88.63%. However, since the stock’s price has seen 3.45% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.
