Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Cadence Design Systems Inc. shares valued at $5,593,153 were sold by DEVGAN ANIRUDH on Jun 09. At $158.82 per share, DEVGAN ANIRUDH sold 35,217 shares. The insider’s holdings dropped to 189,387 shares worth approximately $27.64 million following the completion of this transaction.
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Also, Cunningham Paul sold 250 shares, netting a total of over 40,225 in proceeds. Following the sale of shares at $160.90 each, the insider now holds 97,014 shares.
Before that, ZAMAN ANEEL had sold 22,542 shares from its account. In a trade valued at $3,457,060, the Sr. Vice President traded Cadence Design Systems Inc. shares for $153.36 each. Upon closing the transaction, the insider’s holdings decreased to 22,542 shares, worth approximately $14.04 million.
As published in a research note from Berenberg on February 23, 2022, Cadence Design Systems Inc. [CDNS] has been rated up from a Hold to a Buy and the price target has been revised to $180. This represents a 18.91% premium over Wednesday’s closing price. Analysts at BofA Securities resumed the stock at ‘”an Underperform”‘ outlook in a report released in early January. As of December 14, 2021, JP Morgan has decreased its “an Overweight” rating to a “Neutral” for CDNS. Earlier on October 20, 2021, Needham initiated its rating. Their recommendation was “a Buy” for CDNS stock.
Analyzing CDNS’s Price Performance
On Wednesday, Cadence Design Systems Inc. [NASDAQ: CDNS] plunged -1.47% to $145.96. The stock’s lowest price that day was $145.09, but it reached a high of $149.35 in the same session. During the last five days, there has been a surge of approximately 1.79%. Over the course of the year, Cadence Design Systems Inc. shares have dropped approximately -21.67%. Shares of the company reached a 52-week high of $188.57 on 01/03/22 and a 52-week low of $132.32 on 05/12/22. A 50-day SMA is recorded $149.35, while a 200-day SMA reached $160.16. Nevertheless, trading volume fell to 1.96 million shares from 2.02 million shares the previous day.
Support And Resistance Levels for Cadence Design Systems Inc. (CDNS)
According to the 24-hour chart, there is a support level at 144.25, which, if violated, would cause prices to drop to 142.54. In the upper region, resistance lies at 148.51. The next price resistance is at 151.06. RSI (Relative Strength Index) is 46.96 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -5.59, which suggests the price will decrease in the coming days. Percent R is at 74.52%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Which companies own the most shares of Cadence Design Systems Inc. (CDNS)?
According to The Vanguard Group, Inc. filings, the company currently owns 30,647,826 shares, which is about 11.11% of the total CDNS shares outstanding. The investor’s shares have appreciated by 422,392 from its previous 13-F filing of 30225434.0 shares. With the completion of the buy, Massachusetts Financial Services’s stake is now worth $3,021,169,755. BlackRock Fund Advisors acquire a 2.32% interest valued at $2.5 billion while SSgA Funds Management, Inc. sold a -231,698 stake. A total of 25,157 shares of Cadence Design Systems Inc. were sold by MFS International during the quarter, and -657,788 were sold by Fidelity Management & Research Co. In its current portfolio, BlackRock Investment Management holds 7,034,577 shares valued at $1.08 billion.
In terms of Cadence Design Systems Inc. share price expectations, FactSet research, analysts set an average price target of $184.46 in the next 12 months, up nearly 25.89% from the previous closing price of $148.14. Analysts anticipate Cadence Design Systems Inc. stock to reach $215.00 by 2022, with the lowest price target being $148.50. In spite of this, 15 analysts ranked Cadence Design Systems Inc. stock as an Overweight at the end of 2022. On September 17, 2021, Rosenblatt assigned a price target of “a Buy” to the stock and resumed coverage with a $173.