On Friday, Cadence Design Systems got an upgrade for its IBD SmartSelect Composite Rating from 90 to 96.
Looking For Winning Stocks? How To Invest In Both Bull And Bear Markets
The upgrade means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The best stocks tend to have a 95 or better grade as they start a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Cadence Design Systems is currently forming a consolidation, with a 326.19 buy point. Look for the stock to break out in volume at least 40% higher than normal.
The stock earns a 98 EPS Rating, which means its recent quarterly and annual earnings growth tops 98% of all stocks.
Its Accumulation/Distribution Rating of B- shows moderate buying by institutional investors over the last 13 weeks.
The company posted 36% EPS growth for Q4. That means it's now generated three straight quarters of rising EPS growth. Revenue growth increased 27%, up from 19% in the prior quarter. That marks three consecutive reports with rising growth. The company's next quarterly report is expected on or around Apr. 28.
Cadence Design Systems earns the No. 1 rank among its peers in the Computer Software-Design industry group. Autodesk and Ansys are also among the group's highest-rated stocks.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
