Cadence Design Systems, Inc.’s filing revealed that its Sr. Vice President Cunningham Paul unloaded Company’s shares for reported $0.31 million on Apr 01 ’24. In the deal valued at $310.46 per share,1,000 shares were sold. As a result of this transaction, Cunningham Paul now holds 68,144 shares worth roughly $20.99 million.
Then, Nisewaner Karna sold 600 shares, generating $186,276 in total proceeds. Upon selling the shares at $310.46, the SVP & General Counsel now owns 21,080 shares.
Before that, WALL JOHN M sold 21,700 shares. Cadence Design Systems, Inc. shares valued at $6,757,342 were divested by the Sr. VP & CFO at a price of $311.40 per share. As a result of the transaction, WALL JOHN M now holds 41,035 shares, worth roughly $12.64 million.
Piper Sandler initiated its Cadence Design Systems, Inc. [CDNS] rating to a Neutral in a research note published on April 04, 2024; the price target was $334. A number of analysts have revised their coverage, including Morgan Stanley’s analysts, who increased its forecast for the stock in mid February from “an Equal-weight” to “an Overweight”. Rosenblatt also remained covering CDNS and has decreased its forecast on February 13, 2024 with a “Neutral” recommendation from previously “Buy” rating. Morgan Stanley started covering the stock on November 10, 2023. It rated CDNS as “an Equal-weight”.
Price Performance Review of CDNS
On Friday, Cadence Design Systems, Inc. [NASDAQ:CDNS] saw its stock jump 0.50% to $308.02. Over the last five days, the stock has lost -1.05%. Cadence Design Systems, Inc. shares have risen nearly 13.09% since the year began. Nevertheless, the stocks have risen 45.63% over the past one year. While a 52-week high of $327.36 was reached on 03/21/24, a 52-week low of $194.01 was recorded on 01/05/24. SMA at 50 days reached $304.50, while 200 days put it at $261.95. A total of 1.08 million shares were traded, compared to the trading of 1.11 million shares in the previous session.
Levels Of Support And Resistance For CDNS Stock
The 24-hour chart illustrates a support level at 306.49, which if violated will result in even more drops to 304.97. On the upside, there is a resistance level at 310.17. A further resistance level may holdings at 312.33. The Relative Strength Index (RSI) on the 14-day chart is 49.47, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -4.04, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 71.36%. Stochastics %K at 33.30% indicates the stock is a holding.
How much short interest is there in Cadence Design Systems, Inc.?
A steep rise in short interest was recorded in Cadence Design Systems, Inc. stocks on Mar 15, 2024, growing by 0.12 million shares to a total of 2.65 million shares. Yahoo Finance data shows the prior-month short interest on Feb 15, 2024 was 2.53 million shares. There was a rise of 4.53%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 1.09% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.81.
