The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Cadence Design Systems, Inc. shares valued at $310,460 were sold by Cunningham Paul on Apr 01 ’24. At $310.46 per share, Cunningham Paul sold 1,000 shares. The insider’s holdings dropped to 68,144 shares worth approximately $20.76 million following the completion of this transaction.
Also, Nisewaner Karna sold 600 shares, netting a total of over 186,276 in proceeds. Following the sale of shares at $310.46 each, the insider now holds 21,080 shares.
Before that, WALL JOHN M had sold 21,700 shares from its account. In a trade valued at $6,757,342, the Sr. VP & CFO traded Cadence Design Systems, Inc. shares for $311.40 each. Upon closing the transaction, the insider’s holdings decreased to 21,700 shares, worth approximately $12.5 million.
As published in their initiating research note from Piper Sandler on April 04, 2024, Cadence Design Systems, Inc. [CDNS] has been a Neutral and the price target has been revised to $334. Analysts at Morgan Stanley upgraded the stock from ‘”an Equal-weight”‘ to ‘”an Overweight”‘ outlook in a report released in mid February. As of February 13, 2024, Rosenblatt has decreased its “Buy” rating to a “Neutral” for CDNS. Earlier on November 10, 2023, Morgan Stanley initiated its rating. Their recommendation was “an Equal-weight” for CDNS stock.
Analyzing CDNS Stock Performance
During the last five days, there has been a drop of approximately -1.93%. Over the course of the year, Cadence Design Systems, Inc. shares have jumped approximately 11.83%. Shares of the company reached a 52-week high of $327.36 on 03/21/24 and a 52-week low of $251.94 on 01/05/24. A 50-day SMA is recorded $305.52, while a 200-day SMA reached $263.18. Nevertheless, trading volume fell to 1.01 million shares from 0.79 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 302.59, which, if violated, would cause prices to drop to 300.59. In the upper region, resistance lies at 307.02. The next price resistance is at 309.44. RSI (Relative Strength Index) is 46.02 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.19, which suggests the price will decrease in the coming days. Percent R is at 93.52%, indicating bearish 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 Mar 28, 2024 jumping by 0.31 million shares to 2.75 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 2.44 million shares. A jump of 11.27% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.89 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.89.
