5 Tech Stocks to Buy According to Billionaire James Dinan

In this article, we discuss 5 tech stocks to buy according to billionaire James Dinan. If you want to read our detailed analysis of the billionaire’s hedge fund, go directly to read the 10 Tech Stocks to Buy According to Billionaire James Dinan. 

5. Cadence Design Systems, Inc (NASDAQ:CDNS) 

York Capital Management’s Stake Value: $24,936,000
Percent of York Capital Management’s 13F Portfolio: 2.79%
Number of Hedge Fund Holders: 33

Cadence Design Systems, Inc (NASDAQ:CDNS) stands fifth on our list of the best tech stocks to buy according to billionaire James Dinan. It is an American technology company that provides software, hardware, and IP for electronic design. 

Cadence Design Systems, Inc (NASDAQ:CDNS) is one of the recent acquisitions of York Capital as the hedge fund started building its position in the company in Q2 with 182,251 shares, valued at $24.9 million. The company accounts for 2.79% of the fund’s 13F portfolio. In July, Baird lifted its price target on Cadence Design Systems, Inc (NASDAQ:CDNS) to $168, while keeping an ‘Outperform’ rating on the shares.

In Q2 2021, Cadence Design Systems, Inc (NASDAQ:CDNS) posted an EPS of $0.86, beating the estimates by $0.10. The company reported revenue of $728.2 million, showcasing a 14.1% growth from the prior-year quarter. In the past year, Cadence Design Systems, Inc (NASDAQ:CDNS) delivered a 36.8% return to shareholders, while the stock gained 8.3% in 2021. 

As of Q2 2021, 33 hedge funds tracked by Insider Monkey have positions in Cadence Design Systems, Inc (NASDAQ:CDNS), valued at over $1.62 billion. The number of hedge funds having stakes in the company stood at 30 in the previous quarter, with a total value of $1.49 billion.