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 $425,490 were sold by SANGIOVANNI VINCENTELLI ALBERT on Oct 15 ’24. At $283.66 per share, SANGIOVANNI VINCENTELLI ALBERT sold 1,500 shares. The insider’s holdings dropped to 42,051 shares worth approximately $10.57 million following the completion of this transaction.
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Also, SANGIOVANNI VINCENTELLI ALBERT purchased 1,500 shares, netting a total of over 425,490 in proceeds.
Before that, WALL JOHN M had sold 25 shares from its account. In a trade valued at $6,589, the Sr. VP & CFO traded Cadence Design Systems, Inc. shares for $263.57 each. Upon closing the transaction, the insider’s holdings decreased to 25 shares, worth approximately $9.01 million.
As published in their initiating research note from Mizuho on October 22, 2024, Cadence Design Systems, Inc. [CDNS] has been an Outperform and the price target has been revised to $325. Analysts at Berenberg started covering the stock with ‘”a Buy”‘ outlook in a report released in mid October. As of September 25, 2024, Oppenheimer has initiated its “an Underperform” rating for CDNS. Earlier on August 06, 2024, Piper Sandler upgraded its rating. Their new recommendation was “an Overweight” for CDNS stock which previously was a “a Neutral”.
Analyzing CDNS Stock Performance
During the last five days, there has been a drop of approximately -4.47%. Over the course of the year, Cadence Design Systems, Inc. shares have dropped approximately -7.74%. 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 $268.12, while a 200-day SMA reached $288.09. Nevertheless, trading volume fell to 1.79 million shares from 2.92 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 248.54, which, if violated, would cause prices to drop to 245.79. In the upper region, resistance lies at 252.95. The next price resistance is at 254.61. RSI (Relative Strength Index) is 36.48 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -14.85, which suggests the price will decrease in the coming days. Percent R is at 87.81%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
