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Cadence Design Systems Stock Forecast NASDAQ:CDNS

$178.36 (-2.79%)

Volume: 1M

Closed: Nov 26, 2021

Hollow Logo Score: 1.294

Cadence Design Systems Stock Forecast

$178.36 (-2.79%)

Volume: 1M

Closed: Nov 26, 2021

Score Hollow Logo 1.294
Which way will CDNS go? Request
Fri, Nov 26, 2021 Buy Candidate Upgraded
Stop-loss: $168.26 (-5.66%)
Key Stats
P/E Ratio 71.32
Beta 1.49
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSImin/max Values: [ 25 - 75 ] RSI14 is 50 and the stock is currently not being overbought or oversold

Cadence Design Systems stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Nov 26, 2021)


Buy or Hold candidate since 2021-11-12 Loss -1.70%

The Cadence Design Systems stock price fell by -2.79% on the last day (Friday, 26th Nov 2021) from $183.47 to $178.36. During the day the stock fluctuated 4.61% from a day low at $177.14 to a day high of $185.31. The price has risen in 6 of the last 10 days and is up by 0.64% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -82 thousand shares and in total, 1 million shares were bought and sold for approximately $180.16 million.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 14.61% during the next 3 months and, with a 90% probability hold a price between $185.88 and $217.36 at the end of this 3-month period.

Signals & Forecast

The Cadence Design Systems stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $184.26. On a fall, the stock will find some support from the long-term average at approximately $171.69. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, November 19, 2021, and so far it has fallen -5.19%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss

On the downside, the stock finds support just below today's level from accumulated volume at $165.10 and $163.63. There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Cadence Design Systems finds support just below today's level at $165.10. If this is broken, then the next support from accumulated volume will be at $163.63 and $152.25.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $8.17 between high and low, or 4.61%. For the last week, the stock has had a daily average volatility of 3.31%.

Our recommended stop-loss: $168.26 (-5.66%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)

Is Cadence Design Systems stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Cadence Design Systems stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.294

Predicted Opening Price for Cadence Design Systems of Monday, November 29, 2021

The predicted opening price is based on yesterday's movements between high, low, and the closing price.

Fair opening price November 29, 2021 Current price
$180.27 $178.36 (Undervalued)
Buy Candidate Upgraded

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Analyst Ratings

On Oct 26, 2021 "Robert W. Baird" gave "$168.00 - $190.00" rating for CDNS. The price target was set to $167.37+0.4%.

Volatility and Risk
Daily Average Volatility: 3.31 %
Overall Risk: Very High High Medium Low Very Low
Volatility
3.31 %
Daily Average Volatility
Overall Risk

Very High
High
Medium
Low
Very Low

Support & Resistance

Resistance: $179.56
Price: $178.36
Support: $165.10

CDNS Insider Trading Show all Trades

INSIDER POWER

0.482

Last 100 transactions
Buy: 540 289 | Sell: 1 120 902 (Shares)
Date Action Amount Person Type
Nov 19, 2021 Sell 25 000 Devgan Anirudh Non- Qualified Stock Option (right to buy)
Nov 19, 2021 Sell 25 000 Devgan Anirudh Common Stock
Nov 19, 2021 Buy 25 000 Devgan Anirudh Common Stock
Nov 16, 2021 Sell 25 000 Devgan Anirudh Non- Qualified Stock Option (right to buy)
Nov 16, 2021 Sell 25 000 Devgan Anirudh Common Stock
Show all Insider Trades
INSIDER POWER

0.482

Last 100 transactions
Buy: 540 289 | Sell: 1 120 902 (Shares)

Fibonacci Support & Resistance Levels

Level Price Change
Resistance 188.44 5.65 %
185.32 3.90 %
183.39 2.82 %
Current price: 178.36
Support 177.15 -0.68 %
175.22 -1.76 %
172.10 -3.51 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 182.37 2.25 %
181.58 1.81 %
179.56 0.67 %
Current price 178.36
Support 165.10 -7.43%
163.63 -8.26%
152.25 -14.64%

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About Cadence Design Systems

Cadence Design Systems Cadence Design Systems, Inc. develops, sells, leases, and licenses electronic design automation (EDA) software, emulation and prototyping hardware, verification intellectual property (VIP), and design intellectual property (IP) for semiconductor and electronics systems industries worldwide. It offers functional verification products, including logic verification software that enables customers to coordinate verification activities across multiple... Read more

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