GAMMA Investing LLC Buys 719 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

GAMMA Investing LLC grew its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,532 shares of the software maker’s stock after buying an additional 719 shares during the quarter. GAMMA Investing LLC’s holdings in Cadence Design Systems were worth $779,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after buying an additional 437,101 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Cadence Design Systems by 6.9% during the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after buying an additional 459,603 shares during the last quarter. Norges Bank bought a new position in shares of Cadence Design Systems during the fourth quarter valued at about $1,141,059,000. Nordea Investment Management AB grew its stake in shares of Cadence Design Systems by 7.7% in the first quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock worth $636,172,000 after purchasing an additional 145,351 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in shares of Cadence Design Systems by 25.4% in the first quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock worth $618,330,000 after purchasing an additional 402,884 shares during the last quarter. 84.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CDNS has been the topic of several recent analyst reports. Piper Sandler reissued a “neutral” rating and issued a $318.00 target price on shares of Cadence Design Systems in a research note on Wednesday, July 10th. KeyCorp lifted their price objective on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research report on Monday, April 22nd. Wells Fargo & Company lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Finally, Bank of America lifted their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $334.56.

Insider Activity

In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $287.31, for a total value of $172,386.00. Following the completion of the transaction, the senior vice president now owns 19,880 shares of the company’s stock, valued at approximately $5,711,722.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Karna Nisewaner sold 600 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $287.31, for a total value of $172,386.00. Following the completion of the transaction, the senior vice president now owns 19,880 shares of the company’s stock, valued at approximately $5,711,722.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total transaction of $430,710.00. Following the completion of the sale, the director now owns 49,551 shares in the company, valued at approximately $14,228,074.14. The disclosure for this sale can be found here. Insiders sold a total of 48,534 shares of company stock valued at $14,546,517 in the last 90 days. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Stock Down 1.6 %

NASDAQ CDNS traded down $3.91 during mid-day trading on Monday, reaching $245.72. The stock had a trading volume of 2,882,015 shares, compared to its average volume of 1,684,951. Cadence Design Systems, Inc. has a 1 year low of $217.77 and a 1 year high of $328.99. The stock has a market cap of $67.28 billion, a PE ratio of 65.01, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The company has a fifty day moving average price of $297.63 and a 200 day moving average price of $297.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.43 and a quick ratio of 1.32.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.04 billion. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 EPS. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current year.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.