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 $463,635 were sold by SANGIOVANNI VINCENTELLI ALBERT on Jun 14 ’24. At $309.09 per share, SANGIOVANNI VINCENTELLI ALBERT sold 1,500 shares. The insider’s holdings dropped to 48,051 shares worth approximately $14.86 million following the completion of this transaction.
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Also, Cunningham Paul sold 650 shares, netting a total of over 191,750 in proceeds. Following the sale of shares at $295.00 each, the insider now holds 66,494 shares.
Before that, TENG CHIN-CHI had sold 32,184 shares from its account. In a trade valued at $9,573,183, the Sr. Vice President traded Cadence Design Systems, Inc. shares for $297.45 each. Upon closing the transaction, the insider’s holdings decreased to 32,184 shares, worth approximately $29.51 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 -5.26%. Over the course of the year, Cadence Design Systems, Inc. shares have jumped approximately 13.57%. Shares of the company reached a 52-week high of $328.99 on 06/20/24 and a 52-week low of $251.94 on 01/05/24. A 50-day SMA is recorded $292.98, while a 200-day SMA reached $279.18. Nevertheless, trading volume fell to 1.14 million shares from 1.4 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 307.73, which, if violated, would cause prices to drop to 306.13. In the upper region, resistance lies at 311.57. The next price resistance is at 313.82. RSI (Relative Strength Index) is 55.24 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.43, which suggests the price will decrease in the coming days. Percent R is at 53.47%, indicating low price movement. Stochastics%K at holding indicates that the stock is to be held.
