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 $5,868,282 were purchased by BECKLEY THOMAS P on Nov 06 ’24. At $303.22 per share, BECKLEY THOMAS P acquired 19,353 shares.
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Also, Cunningham Paul sold 650 shares, netting a total of over 179,400 in proceeds. Following the sale of shares at $276.00 each, the insider now holds 61,111 shares.
Before that, PAUL A CUNNINGHAM had added 650 shares to its account. In a trade valued at $179,400, the Officer bought Cadence Design Systems, Inc shares for $276.00 each.
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 surge of approximately 9.27%. Over the course of the year, Cadence Design Systems, Inc shares have jumped approximately 10.78%. 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 $269.38, while a 200-day SMA reached $288.16. Nevertheless, trading volume fell to 1.46 million shares from 2.76 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 298.18, which, if violated, would cause prices to drop to 294.65. In the upper region, resistance lies at 304.80. The next price resistance is at 307.89. RSI (Relative Strength Index) is 66.52 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 23.22, which suggests the price will increase in the coming days. Percent R is at 5.62%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
