DJ Cadence Design Systems Inc. Stock Underperforms Tuesday When Compared To Competitors Despite Daily Gains
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Shares of Cadence Design Systems Inc. $(CDNS)$ rallied 1.76% to $310.97 Tuesday, on what proved to be an all-around positive trading session for the stock market, with the S&P 500 Index rising 0.88% to 6,049.24 and the Dow Jones Industrial Average rising 1.24% to 44,025.81.
This was the stock's second consecutive day of gains.
Cadence Design Systems Inc. closed 5.48% short of its 52-week high of $328.99, which the company reached on June 20th.
The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Fortinet Inc. $(FTNT)$ rose 3.15% to $97.20, Synopsys Inc. $(SNPS)$ rose 0.58% to $529.75, and Palo Alto Networks Inc. (PANW) rose 3.61% to $183.51.
Trading volume (1.8 M) eclipsed its 50-day average volume of 1.5 M.
Data source: Dow Jones Market Data, FactSet. Data compiled January 21, 2025.
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January 21, 2025 16:41 ET (21:41 GMT)
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