Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cadence Design Systems Inc. shares valued at $7,447,529 were sold by WALL JOHN M on Mar 09. At $199.88 per share, WALL JOHN M sold 37,260 shares. The insider’s holdings dropped to 120,740 shares worth approximately $25.09 million following the completion of this transaction.
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Also, Nisewaner Karna sold 100 shares, netting a total of over 19,694 in proceeds. Following the sale of shares at $196.94 each, the insider now holds 15,273 shares.
Before that, TAN LIP BU had sold 30,000 shares from its account. In a trade valued at $5,822,185, the Executive Chair traded Cadence Design Systems Inc. shares for $194.07 each. Upon closing the transaction, the insider’s holdings decreased to 30,000 shares, worth approximately $180.4 million.
As published in a research note from Atlantic Equities on January 17, 2023, Cadence Design Systems Inc. [CDNS] has been rated up from a Neutral to an Overweight and the price target has been revised to $200. This represents a -3.91% premium over Thursday’s closing price. Analysts at BofA Securities upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in mid December. As of September 29, 2022, Deutsche Bank has initiated its “Buy” rating for CDNS. Earlier on September 08, 2022, Stifel initiated its rating. Their recommendation was “a Hold” for CDNS stock.
Analyzing CDNS Stock Performance
On Thursday, Cadence Design Systems Inc. [NASDAQ: CDNS] rose 2.40% to $207.82. The stock’s lowest price that day was $200.01, but it reached a high of $209.28 in the same session. During the last five days, there has been a surge of approximately 5.81%. Over the course of the year, Cadence Design Systems Inc. shares have jumped approximately 29.37%. Shares of the company reached a 52-week high of $209.28 on 03/16/23 and a 52-week low of $154.88 on 01/05/23. A 50-day SMA is recorded $185.96, while a 200-day SMA reached $169.37. Nevertheless, trading volume fell to 3.23 million shares from 2.19 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 202.13, which, if violated, would cause prices to drop to 196.43. In the upper region, resistance lies at 211.40. The next price resistance is at 214.97. RSI (Relative Strength Index) is 69.69 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 7.52, which suggests the price will increase in the coming days. Percent R is at 7.31%, indicating bullish price movement. Stochastics %K at selling 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 steep in short interest on Jan 30, 2023 dropping by 30000.0 shares to 2.6 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 2.63 million shares. A decline of -1.15% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.86 of the overall float, the days-to-cover ratio (short ratio) decline to 1.86.
Which companies own the most shares of Cadence Design Systems Inc. (CDNS)?
According to The Vanguard Group, Inc. filings, the company currently owns 31,174,263 shares, which is about 11.42% of the total CDNS shares outstanding. The investor’s shares have appreciated by 322,374 from its previous 13-F filing of 30851889.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $3,071,023,858. SSgA Funds Management, Inc. reduced a -1.42% interest valued at $2.13 billion while Massachusetts Financial Services sold a -4,567,229 stake. A total of -89,724 shares of Cadence Design Systems Inc. were sold by Fidelity Management & Research Co during the quarter, and -200,804 were sold by Geode Capital Management LLC. In its current portfolio, BlackRock Investment Management holds 5,728,529 shares valued at $1.11 billion.
In terms of Cadence Design Systems Inc. share price expectations, FactSet research, analysts set an average price target of $215.00 in the next 12 months, up nearly 5.94% from the previous closing price of $202.94. Analysts anticipate Cadence Design Systems Inc. stock to reach $235.00 by 2023, with the lowest price target being $200.00. In spite of this, 16 analysts ranked Cadence Design Systems Inc. stock as an Overweight at the end of 2023. On August 17, 2022, Wolfe Research assigned a price target of “an Outperform” to the stock and initiated coverage with a $210.