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 $177,736 were sold by Cunningham Paul on Oct 01 ’24. At $273.44 per share, Cunningham Paul sold 650 shares. The insider’s holdings dropped to 61,761 shares worth approximately $16.42 million following the completion of this transaction.
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Also, PAUL A CUNNINGHAM purchased 650 shares, netting a total of over 177,736 in proceeds.
Before that, SANGIOVANNI VINCENTELLI ALBERT had sold 1,500 shares from its account. In a trade valued at $413,970, the Director traded Cadence Design Systems, Inc. shares for $275.98 each. Upon closing the transaction, the insider’s holdings decreased to 1,500 shares, worth approximately $11.58 million.
As published in their initiating research note from Oppenheimer on September 25, 2024, Cadence Design Systems, Inc. [CDNS] has been an Underperform and the price target has been revised to $225. Analysts at Piper Sandler upgraded the stock from ‘”a Neutral”‘ to ‘”an Overweight”‘ outlook in a report released in early August. As of April 04, 2024, Piper Sandler has initiated its “Neutral” rating for CDNS. Earlier on February 14, 2024, Morgan Stanley upgraded its rating. Their new recommendation was “an Overweight” for CDNS stock which previously was a “an Equal-weight”.
Analyzing CDNS Stock Performance
During the last five days, there has been a drop of approximately -3.08%. Over the course of the year, Cadence Design Systems, Inc. shares have dropped approximately -2.42%. Shares of the company reached a 52-week high of $328.99 on 06/20/24 and a 52-week low of $241.29 on 08/05/24. A 50-day SMA is recorded $266.67, while a 200-day SMA reached $288.25. Nevertheless, trading volume fell to 1.12 million shares from 1.2 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 263.90, which, if violated, would cause prices to drop to 262.02. In the upper region, resistance lies at 268.15. The next price resistance is at 270.52. RSI (Relative Strength Index) is 46.36 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.51, which suggests the price will decrease in the coming days. Percent R is at 84.41%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
