Nanomagnetic memory and logic are currently seen as promising candidates to replace current digital computing architectures due to its superior energy-efficiency, non-volatility and propensity for highly dense and low-power applications. In this work, we investigate the use of shape engineering (concave and diamond shape) to introduce biaxial anisotropy in single domain nanomagnets, giving rise to multiple easy and hard axes. Such nanomagnets, with dimensions of ∼100nm×100nm, double the logic density of conventional two-state nanomagnetic devices by encoding more information (four binary bits: “00”, “11”, “10”, “01”) per nanomagnet and can be used in memory and logic devices as well as in higher order information processing applications. We study reliability, magnetization switching coherence, and show, for the first time, the use of voltage-induced strain for the clocking of magnetization in these four-state nanomagnets. Critical parameters such as size, thickness, concavity, and geometry of two types of four-state nanomagnets are also investigated. This analytical study provides important insights into achieving reliable and coherent single domain nanomagnets and low-energy magnetization clocking in four-state nanomagnets, paving the way for potential applications in advanced technologies.