CDNS Stock Summary and Trading Ideas (Cadence Design Systems | NASDAQ:CDNS)

Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enable system-level analysis and verification solutions. Cadence's comprehensive portfolio is benefiting from a mutual convergence of semiconductor companies moving up-stack toward systems-like companies, and systems companies moving down-stack toward in-house semiconductor design. The resulting expansion in EDA customers, alongside secular digitalization of various end markets, benefits EDA vendors like Cadence.

Cadence Design Systems trades on the NASDAQ stock market under the symbol CDNS.

As of April 18, 2024, CDNS stock price declined to $285.90 with 2,633,092 million shares trading.

CDNS has a beta of 1.79, meaning it tends to be more sensitive to market movements. CDNS has a correlation of 0.52 to the broad based SPY ETF.

CDNS has a market cap of $77.94 billion. This is considered a Large Cap stock.

Last quarter Cadence Design Systems reported $1 billion in Revenue and $1.38 earnings per share. This beat revenue expectation by $8 million and exceeded earnings estimates by $.05.

In the last 3 years, CDNS stock traded as high as $327.36 and as low as $118.11.

The top ETF exchange traded funds that CDNS belongs to (by Net Assets): VTI, VOO, QQQ, SPY, IVV.

CDNS has outperformed the market in the last year with a return of +34.1%, while the SPY ETF gained +22.3%. However, in the most recent history, CDNS shares have underperformed the stock market with its stock returning +3.8% in the last 3 month period and -7.9% for the last 2 week period, while SPY has returned +6.1% and -3.8%, respectively.

CDNS support price is $288.48 and resistance is $298.94 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that CDNS stock will trade within this expected range on the day.