Cadence Design Systems, Inc.’s recent filing unveils that its Director SANGIOVANNI VINCENTELLI ALBERT unloaded Company’s shares for reported $0.46 million on Apr 15 ’24. In the deal valued at $308.83 per share,1,500 shares were sold. As a result of this transaction, SANGIOVANNI VINCENTELLI ALBERT now holds 50,183 shares worth roughly $14.06 million.
Then, Cunningham Paul sold 1,000 shares, generating $310,460 in total proceeds. Upon selling the shares at $310.46, the Sr. Vice President now owns 68,144 shares.
Before that, Nisewaner Karna sold 600 shares. Cadence Design Systems, Inc. shares valued at $186,276 were divested by the SVP & General Counsel at a price of $310.46 per share. As a result of the transaction, Nisewaner Karna now holds 21,080 shares, worth roughly $5.91 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 fall -1.98% to $280.25. Over the last five days, the stock has lost -8.37%. Cadence Design Systems, Inc. shares have risen nearly 2.89% since the year began. Nevertheless, the stocks have risen 31.16% 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 $305.88, while 200 days put it at $265.51. A total of 2.02 million shares were traded, compared to the trading of 2.7 million shares in the previous session.
Levels Of Support And Resistance For CDNS Stock
The 24-hour chart illustrates a support level at 277.68, which if violated will result in even more drops to 275.10. On the upside, there is a resistance level at 284.75. A further resistance level may holdings at 289.24. The Relative Strength Index (RSI) on the 14-day chart is 29.92, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -16.00, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 98.27%. Stochastics %K at 3.92% indicates the stock is a buying.
