GAMMA Investing LLC Boosts Stock Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GAMMA Investing LLC raised its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,532 shares of the software maker’s stock after acquiring an additional 719 shares during the period. GAMMA Investing LLC’s holdings in Cadence Design Systems were worth $779,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Cadence Design Systems by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock valued at $7,763,496,000 after purchasing an additional 437,101 shares in the last quarter. Jennison Associates LLC increased its stake in Cadence Design Systems by 6.9% in the 1st quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock valued at $2,205,582,000 after purchasing an additional 459,603 shares in the last quarter. Norges Bank purchased a new position in Cadence Design Systems in the 4th quarter valued at approximately $1,141,059,000. Nordea Investment Management AB increased its stake in Cadence Design Systems by 7.7% in the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in Cadence Design Systems by 25.4% in the 1st quarter. Van ECK Associates Corp now owns 1,986,413 shares of the software maker’s stock valued at $618,330,000 after purchasing an additional 402,884 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Cadence Design Systems Stock Down 1.6 %

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

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company posted $0.94 earnings per share. The firm’s revenue was up 8.6% compared to the same quarter last year. Equities analysts forecast that Cadence Design Systems, Inc. will post 4.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CDNS shares. KeyCorp increased their target price on Cadence Design Systems from $350.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Piper Sandler reiterated a “neutral” rating and set a $318.00 target price on shares of Cadence Design Systems in a report on Wednesday, July 10th. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 target price on shares of Cadence Design Systems in a report on Monday, April 22nd. Needham & Company LLC reiterated a “buy” rating and set a $320.00 target price on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Robert W. Baird lowered their target price on Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating on the stock in a report on Tuesday, July 23rd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $334.56.

Insider Transactions at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the sale, the director now directly owns 49,551 shares of the company’s stock, valued at $14,228,074.14. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $287.14, for a total value of $430,710.00. Following the completion of the transaction, the director now directly owns 49,551 shares in the company, valued at $14,228,074.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Paul Cunningham sold 650 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $295.00, for a total value of $191,750.00. Following the completion of the transaction, the vice president now owns 66,494 shares of the company’s stock, valued at $19,615,730. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,534 shares of company stock valued at $14,546,517. 1.99% of the stock is currently owned by insiders.

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.