GAMMA Investing LLC Buys 587 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

GAMMA Investing LLC increased its position in shares of Cadence Design Systems, Inc. (NASDAQ:CDNS) by 23.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,119 shares of the software maker’s stock after purchasing an additional 587 shares during the quarter. GAMMA Investing LLC’s holdings in Cadence Design Systems were worth $845,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. RiverPark Advisors LLC acquired a new position in shares of Cadence Design Systems during the 1st quarter worth $26,000. ORG Partners LLC raised its stake in Cadence Design Systems by 911.1% during the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock worth $28,000 after acquiring an additional 82 shares in the last quarter. Annapolis Financial Services LLC bought a new position in shares of Cadence Design Systems in the first quarter worth about $32,000. Hollencrest Capital Management boosted its stake in shares of Cadence Design Systems by 637.5% in the 1st quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after purchasing an additional 102 shares in the last quarter. Finally, Rise Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter valued at approximately $45,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Price Performance

Cadence Design Systems stock opened at $270.15 on Wednesday. The stock’s 50 day moving average is $267.16 and its 200 day moving average is $287.10. Cadence Design Systems, Inc. has a one year low of $228.66 and a one year high of $328.99. The firm has a market cap of $73.60 billion, a P/E ratio of 69.89, a P/E/G ratio of 3.30 and a beta of 1.02. 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 issued its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a net margin of 25.36% and a return on equity of 29.54%. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the company earned $0.94 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, research analysts expect that Cadence Design Systems, Inc. will post 4.73 EPS for the current year.

Wall Street Analysts Forecast Growth

CDNS has been the topic of a number of research analyst reports. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 target price on the stock in a research report on Tuesday, August 6th. Oppenheimer initiated coverage on Cadence Design Systems in a report on Wednesday, September 25th. They set an “underperform” rating and a $225.00 price objective on the stock. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $280.00 target price on shares of Cadence Design Systems in a report on Monday. KeyCorp increased their target price 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. Finally, Needham & Company LLC restated a “buy” rating and set a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $323.60.

Insiders Place Their Bets

In other news, VP Chin-Chi Teng sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $276.36, for a total value of $2,763,600.00. Following the transaction, the vice president now directly owns 95,408 shares of the company’s stock, valued at $26,366,954.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Cadence Design Systems news, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $266.24, for a total value of $173,056.00. Following the completion of the sale, the vice president now directly owns 65,194 shares in the company, valued at approximately $17,357,250.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $276.36, for a total transaction of $2,763,600.00. Following the completion of the sale, the vice president now directly owns 95,408 shares of the company’s stock, valued at approximately $26,366,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,322 shares of company stock worth $7,768,048. Company insiders own 1.99% of the company’s stock.

Cadence Design Systems Company 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.