GAMMA Investing LLC Has $564,000 Position in Cadence Design Systems, Inc. (NASDAQ:CDNS)

GAMMA Investing LLC increased its stake in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 37.5% in the first quarter, Holdings Channel.com reports. The firm owned 1,813 shares of the software maker’s stock after buying an additional 494 shares during the quarter. GAMMA Investing LLC’s holdings in Cadence Design Systems were worth $564,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CDNS. Valley National Advisers Inc. boosted 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 acquiring an additional 47 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Cadence Design Systems during the fourth quarter worth about $28,000. Union Savings Bank acquired a new position in shares of Cadence Design Systems in the fourth quarter valued at approximately $33,000. Rakuten Securities Inc. bought a new position in Cadence Design Systems in the 4th quarter valued at approximately $45,000. Finally, DSM Capital Partners LLC acquired a new stake in Cadence Design Systems during the 4th quarter worth approximately $69,000. Institutional investors own 84.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Bank of America raised their price target on shares of Cadence Design Systems from $330.00 to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. StockNews.com lowered Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Wells Fargo & Company raised their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 16th. Piper Sandler reduced their target price on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating on the stock in a report on Tuesday, April 23rd. Finally, KeyCorp raised their price target on shares of Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $331.11.

Insider Buying and Selling

In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the sale, the director now owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cadence Design Systems news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $309.09, for a total value of $463,635.00. Following the transaction, the director now directly owns 48,051 shares of the company’s stock, valued at $14,852,083.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Cunningham sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $310.46, for a total transaction of $310,460.00. Following the sale, the vice president now directly owns 68,144 shares of the company’s stock, valued at $21,155,986.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,834 shares of company stock valued at $18,989,549. 1.99% of the stock is owned by company insiders.

Cadence Design Systems Stock Performance

Shares of CDNS stock opened at $326.50 on Thursday. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. Cadence Design Systems, Inc. has a 52 week low of $217.77 and a 52 week high of $327.36. The firm has a 50 day moving average of $292.41 and a 200-day moving average of $291.48. The company has a market cap of $88.95 billion, a price-to-earnings ratio of 85.03, a price-to-earnings-growth ratio of 4.00 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.04. Cadence Design Systems had a net margin of 25.68% and a return on equity of 32.44%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same period in the previous year, the firm posted $1.02 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. On average, equities analysts forecast that Cadence Design Systems, Inc. will post 4.77 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.