Cognyte Software (NASDAQ:CGNT) Upgraded to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Cognyte Software (NASDAQ:CGNT) from a buy rating to a strong-buy rating in a report issued on Tuesday.

Separately, Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th.

Cognyte Software Price Performance

Cognyte Software stock opened at $8.62 on Tuesday. The stock has a market capitalization of $619.69 million, a PE ratio of -123.13 and a beta of 1.81. The business has a 50 day simple moving average of $7.23 and a 200-day simple moving average of $7.34. Cognyte Software has a 12 month low of $5.12 and a 12 month high of $9.12.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings results on Tuesday, September 10th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07. The company had revenue of $84.40 million during the quarter, compared to analyst estimates of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. On average, equities research analysts anticipate that Cognyte Software will post -0.28 EPS for the current fiscal year.

Cognyte Software declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 12th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Topline Capital Management, Ll purchased 416,040 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average price of $6.30 per share, with a total value of $2,621,052.00. Following the completion of the acquisition, the insider now owns 9,020,184 shares in the company, valued at $56,827,159.20. This trade represents a 4.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Institutional Trading of Cognyte Software

Large investors have recently added to or reduced their stakes in the stock. American Capital Management Inc. boosted its position in shares of Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock valued at $43,475,000 after acquiring an additional 502,781 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Cognyte Software by 13.3% in the 2nd quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the company’s stock valued at $19,928,000 after purchasing an additional 306,479 shares during the last quarter. Edenbrook Capital LLC grew its stake in shares of Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock valued at $42,663,000 after buying an additional 207,675 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Cognyte Software in the 3rd quarter valued at approximately $1,101,000. Finally, Scalar Gauge Management LLC increased its holdings in shares of Cognyte Software by 30.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after buying an additional 100,000 shares during the last quarter. 72.92% of the stock is currently owned by hedge funds and other institutional investors.

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.