In the latest trading session, Cadence Design Systems (CDNS) closed at $75.10, marking a +0.82% move from the previous day. This change outpaced the S&P 500's 0.45% gain on the day. Elsewhere, the Dow gained 0.29%, while the tech-heavy Nasdaq added 0.75%.Coming into today, shares of the maker of hardware and software products for validating chip designs had gained 9.22% in the past month. In that same time, the Computer and Technology sector gained 5.19%, while the S&P 500 gained 3.84%.Wall Street will be looking for positivity from CDNS as it approaches its next earnings report date. This is expected to be July 22, 2019. The company is expected to report EPS of $0.53, up 17.78% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $579.07 million, up 11.71% from the prior-year quarter.For the full year, our Zacks Consensus Estimates are projecting earnings of $2.10 per share and revenue of $2.32 billion, which would represent changes of +12.3% and +8.53%, respectively, from the prior year.It is also important to note the recent changes to analyst estimates for CDNS. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. CDNS is currently sporting a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that CDNS has a Forward P/E ratio of 35.54 right now. This valuation marks a premium compared to its industry's average Forward P/E of 29.87.Investors should also note that CDNS has a PEG ratio of 3.23 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software was holding an average PEG ratio of 2.13 at yesterday's closing price.The Computer - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 98, which puts it in the top 39% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research