The Barchart Chart of the Day belongs to the software company Cadence Design Systems (CDNS). I found the stock by sorting Barchart's New All Time High list first by the most frequent number of new highs in the last month, then used the Flipchart feature to review the charts of consistent price appreciation. Since the Trend Spotter signaled a buy in 1/17 the stock gained 30.67%.
Cadence is the largest supplier of electronic design technologies, methodology services, and design services. Cadence solutions are used to accelerate and manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics, and a variety of other electronics-based products. With approximately 4,800 employees and 2003 revenues of approximately $1.1 billion, Cadence has sales offices, design centers, and research facilities around the world.
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart technical indicators:
- 88% technical buy signals
- 63.56+ Weighted Alpha
- 50.76% gain in the last year
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
- 13 new highs and up 17.66% in the last month
- Relative Strength Index 86.40%
- Technical support level at 58.22
- Recently traded at 59.62 with a 50 day moving average of 49.94
Fundamental factors:
- Market Cap $16.59 billion
- P/E 47.78
- Revenue expected to grow 7.20% this year and another 6.40% next year
- Earnings estimated to increase 8.60% this year, an additional 8.90% next year and continue to compound at an annual rate of 12.00% for the next 5 years
- Wall Street analysts issued 3 strong buy, 1 buy and 2 hold recommendations on the stock
- The individual investors following the stock on Motley Fool voted 199 to 40 that the stock will beat the market
- 6,161 investors are following the stock on Seeking Alpha
