Cadence Design Systems, Inc.’s recent filing unveils that its Director SANGIOVANNI VINCENTELLI ALBERT unloaded Company’s shares for reported $0.47 million on Jul 15 ’24. In the deal valued at $314.57 per share,1,500 shares were sold. As a result of this transaction, SANGIOVANNI VINCENTELLI ALBERT now holds 46,551 shares worth roughly $12.06 million.
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Then, TENG CHIN-CHI sold 10,000 shares, generating $3,058,398 in total proceeds. Upon selling the shares at $305.84, the Sr. Vice President now owns 95,408 shares.
Before that, Cunningham Paul sold 650 shares. Cadence Design Systems, Inc. shares valued at $200,038 were divested by the Sr. Vice President at a price of $307.75 per share. As a result of the transaction, Cunningham Paul now holds 65,844 shares, worth roughly $17.06 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 Monday, Cadence Design Systems, Inc. [NASDAQ:CDNS] saw its stock jump 0.10% to $259.05. Over the last five days, the stock has lost -9.76%. Cadence Design Systems, Inc. shares have fallen nearly -4.89% since the year began. Nevertheless, the stocks have risen 10.28% over the past one year. While a 52-week high of $328.99 was reached on 06/20/24, a 52-week low of $217.77 was recorded on 01/05/24. SMA at 50 days reached $299.13, while 200 days put it at $285.92. A total of 1.47 million shares were traded, compared to the trading of 2.61 million shares in the previous session.
Levels Of Support And Resistance For CDNS Stock
The 24-hour chart illustrates a support level at 256.83, which if violated will result in even more drops to 254.61. On the upside, there is a resistance level at 263.04. A further resistance level may holdings at 267.03. The Relative Strength Index (RSI) on the 14-day chart is 26.50, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -29.51, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 98.01%. Stochastics%K at 1.30% indicates the stock is a buying.
