Cognyte Software (NASDAQ:CGNT) to Repurchase $20.00 million in Shares

Cognyte Software (NASDAQ:CGNT) announced that its board has authorized a stock repurchase program on Tuesday, November 12th, RTT News reports. The company plans to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to reacquire up to 3.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Cognyte Software Stock Up 5.2 %

Shares of NASDAQ CGNT opened at $7.48 on Wednesday. The firm has a market cap of $537.74 million, a P/E ratio of -106.84 and a beta of 1.72. Cognyte Software has a twelve month low of $4.01 and a twelve month high of $8.70. The company has a 50 day moving average of $6.78 and a 200 day moving average of $7.27.

Cognyte Software (NASDAQ:CGNT) last posted its quarterly earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The firm had revenue of $84.40 million during the quarter, compared to analysts’ expectations of $83.69 million. During the same quarter in the previous year, the business earned ($0.11) earnings per share. The company’s revenue was up 9.5% on a year-over-year basis. As a group, equities analysts expect that Cognyte Software will post -0.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. StockNews.com upgraded Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th.

Insider Buying and Selling at Cognyte Software

In related news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average price of $6.31 per share, for a total transaction of $3,493,159.21. Following the completion of the acquisition, the insider now owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cognyte Software news, major shareholder Topline Capital Partners, Lp acquired 553,591 shares of the stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $6.31 per share, for a total transaction of $3,493,159.21. Following the purchase, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Topline Capital Management, Ll acquired 416,040 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the acquisition, the insider now owns 9,020,184 shares of the company’s stock, valued at $56,827,159.20. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 62.70% of the company’s stock.

Cognyte Software Company Profile

Cognyte Software Ltd. provides an investigative analytics software to governments and enterprises worldwide. Its Actionable Intelligence for a Safer World, an open software designed to help governments and enterprises accelerate and enhance the effectiveness of investigations. The company offers network intelligence analytics, threat intelligence analytics, decision intelligence analytics, and operational intelligence analytics solutions.