On Friday, Cadence Design Systems earned an upgrade to its Relative Strength (RS) Rating, from 79 to 82.
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IBD's proprietary RS Rating tracks market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the last 52 weeks matches up against that of all other stocks.
History shows that the top-performing stocks typically have an RS Rating of over 80 in the early stages of their moves.
Cadence Design Systems is working on a consolidation with a 326.19 entry. See if the stock can clear the breakout price in volume at least 40% above average.
The company showed 34% EPS growth last quarter, while sales growth came in at 23%.
The company earns the No. 2 rank among its peers in the Computer Software-Design industry group. Autodesk is the top-ranked stock within the group.
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.
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