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 $275,360 were sold by Cunningham Paul on May 01 ’24. At $275.36 per share, Cunningham Paul sold 1,000 shares. The insider’s holdings dropped to 67,144 shares worth approximately $18.97 million following the completion of this transaction.
Also, Nisewaner Karna sold 600 shares, netting a total of over 165,216 in proceeds. Following the sale of shares at $275.36 each, the insider now holds 20,480 shares.
Before that, SANGIOVANNI VINCENTELLI ALBERT had sold 1,500 shares from its account. In a trade valued at $463,238, the Director traded Cadence Design Systems, Inc. shares for $308.83 each. Upon closing the transaction, the insider’s holdings decreased to 1,500 shares, worth approximately $14.18 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 surge of approximately 2.92%. Over the course of the year, Cadence Design Systems, Inc. shares have jumped approximately 3.74%. 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 $300.75, while a 200-day SMA reached $268.29. Nevertheless, trading volume fell to 1.24 million shares from 1.01 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 281.08, which, if violated, would cause prices to drop to 279.58. In the upper region, resistance lies at 284.34. The next price resistance is at 286.10. RSI (Relative Strength Index) is 42.52 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.45, which suggests the price will increase in the coming days. Percent R is at 32.44%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
