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 $8,143,522 were sold by TAN LIP BU on Sep 15. At $162.87 per share, TAN LIP BU sold 50,000 shares. The insider’s holdings dropped to 602,589 shares worth approximately $100.05 million following the completion of this transaction.
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Also, TENG CHIN-CHI sold 11,000 shares, netting a total of over 1,920,522 in proceeds. Following the sale of shares at $174.59 each, the insider now holds 141,104 shares.
Before that, Cunningham Paul had sold 250 shares from its account. In a trade valued at $42,098, the Sr. Vice President traded Cadence Design Systems Inc. shares for $168.39 each. Upon closing the transaction, the insider’s holdings decreased to 250 shares, worth approximately $15.64 million.
As published in their initiating research note from Stifel on September 08, 2022, Cadence Design Systems Inc. [CDNS] has been a Hold and the price target has been revised to $200. This represents a 16.98% premium over Wednesday’s closing price. Analysts at Wolfe Research started covering the stock with ‘”an Outperform”‘ outlook in a report released in mid August. As of June 29, 2022, BofA Securities has increased its “an Underperform” rating to a “Neutral” for CDNS. Earlier on February 23, 2022, Berenberg upgraded its rating. Their new recommendation was “a Buy” for CDNS stock which previously was a “a Hold”.
Analyzing CDNS’s Price Performance
On Wednesday, Cadence Design Systems Inc. [NASDAQ: CDNS] plunged -0.57% to $166.04. The stock’s lowest price that day was $166.00, but it reached a high of $172.06 in the same session. During the last five days, there has been a drop of approximately -0.71%. Over the course of the year, Cadence Design Systems Inc. shares have dropped approximately -10.90%. Shares of the company reached a 52-week high of $194.97 on 08/16/22 and a 52-week low of $132.32 on 05/12/22. A 50-day SMA is recorded $175.43, while a 200-day SMA reached $161.13. Nevertheless, trading volume fell to 2.09 million shares from 1.73 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 164.01, which, if violated, would cause prices to drop to 161.97. In the upper region, resistance lies at 170.07. The next price resistance is at 174.09. RSI (Relative Strength Index) is 39.20 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.84, which suggests the price will decrease in the coming days. Percent R is at 65.57%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Cadence Design Systems Inc. subject to short interest?
Stocks of Cadence Design Systems Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.55 million shares to 3.73 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.18 million shares. A jump of 14.75% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.36 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.36.
Which companies own the most shares of Cadence Design Systems Inc. (CDNS)?
According to The Vanguard Group, Inc. filings, the company currently owns 30,800,301 shares, which is about 11.25% of the total CDNS shares outstanding. The investor’s shares have appreciated by 152,475 from its previous 13-F filing of 30647826.0 shares. With the completion of the sale transaction, Massachusetts Financial Services’s stake is now worth $3,288,354,493. BlackRock Fund Advisors reduced a -4.04% interest valued at $2.71 billion while SSgA Funds Management, Inc. sold a -379,840 stake. A total of 18,264 shares of Cadence Design Systems Inc. were sold by MFS International during the quarter, and 273,548 were bought by Fidelity Management & Research Co. In its current portfolio, Manulife Investment Management Lt holds 9,280,518 shares valued at $1.61 billion.
In terms of Cadence Design Systems Inc. share price expectations, FactSet research, analysts set an average price target of $197.62 in the next 12 months, up nearly 19.77% from the previous closing price of $166.99. Analysts anticipate Cadence Design Systems Inc. stock to reach $215.00 by 2022, with the lowest price target being $180.00. In spite of this, 15 analysts ranked Cadence Design Systems Inc. stock as an Overweight at the end of 2022. On January 10, 2022, BofA Securities assigned a price target of “an Underperform” to the stock and reiterated coverage with a $180.