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 $6,589 were sold by WALL JOHN M on Oct 08 ’24. At $263.57 per share, WALL JOHN M sold 25 shares. The insider’s holdings dropped to 35,853 shares worth approximately $10.06 million following the completion of this transaction.
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Also, JOHN M WALL purchased 25 shares, netting a total of over 6,589 in proceeds.
Before that, Cunningham Paul had sold 650 shares from its account. In a trade valued at $177,736, the Sr. Vice President traded Cadence Design Systems, Inc. shares for $273.44 each. Upon closing the transaction, the insider’s holdings decreased to 650 shares, worth approximately $17.33 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 surge of approximately 5.59%. Over the course of the year, Cadence Design Systems, Inc. shares have jumped approximately 3.04%. 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 $267.97, while a 200-day SMA reached $288.21. Nevertheless, trading volume fell to 1.05 million shares from 1.44 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 277.81, which, if violated, would cause prices to drop to 274.99. In the upper region, resistance lies at 282.49. The next price resistance is at 284.35. RSI (Relative Strength Index) is 59.08 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 5.60, which suggests the price will increase in the coming days. Percent R is at 4.36%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
