GAMMA Investing LLC Acquires Shares of 1,319 Cadence Design Systems, Inc. (NASDAQ:CDNS)

GAMMA Investing LLC acquired a new stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 1,319 shares of the software maker’s stock, valued at approximately $380,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. OFI Invest Asset Management acquired a new stake in Cadence Design Systems during the 3rd quarter valued at approximately $26,000. Valley National Advisers Inc. increased its holdings in shares of Cadence Design Systems by 90.4% during the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock valued at $26,000 after purchasing an additional 47 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. purchased a new position in shares of Cadence Design Systems during the 4th quarter valued at approximately $45,000. Finally, Catalyst Capital Advisors LLC increased its holdings in shares of Cadence Design Systems by 34.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares in the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Trading Down 1.5 %

Shares of CDNS stock opened at $277.66 on Thursday. Cadence Design Systems, Inc. has a fifty-two week low of $194.01 and a fifty-two week high of $327.36. The stock has a market cap of $75.59 billion, a P/E ratio of 72.31, a P/E/G ratio of 3.43 and a beta of 1.04. The business has a fifty day simple moving average of $304.38 and a 200-day simple moving average of $280.97. The company has a quick ratio of 1.13, a current ratio of 1.32 and a debt-to-equity ratio of 0.08.

Cadence Design Systems (NASDAQ:CDNS) last announced its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the business posted $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems, Inc. will post 4.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares in the company, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director James D. Plummer sold 2,412 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $315.40, for a total transaction of $760,744.80. Following the sale, the director now directly owns 22,923 shares of the company’s stock, valued at approximately $7,229,914.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Thomas P. Beckley sold 65,268 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $296.98, for a total value of $19,383,290.64. Following the completion of the sale, the vice president now directly owns 156,156 shares in the company, valued at $46,375,208.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 173,044 shares of company stock worth $52,231,207. 1.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CDNS has been the subject of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Friday, April 19th. Piper Sandler cut their target price on shares of Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a research note on Tuesday. StockNews.com upgraded shares of Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Wells Fargo & Company increased their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, April 16th. Finally, KeyCorp increased their price target on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $316.50.

About Cadence Design Systems

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.