Cognyte Software (NASDAQ:CGNT) Cut to Buy at StockNews.com

StockNews.com cut shares of Cognyte Software (NASDAQ:CGNT) from a strong-buy rating to a buy rating in a research note issued to investors on Friday morning.

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

Cognyte Software Trading Down 3.8 %

Shares of CGNT opened at $7.82 on Friday. The company has a market capitalization of $562.18 million, a PE ratio of -111.70 and a beta of 1.72. Cognyte Software has a 12 month low of $4.41 and a 12 month high of $8.70. The stock’s 50-day moving average price is $6.84 and its two-hundred day moving average price is $7.28.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The company had revenue of $84.40 million for the quarter, compared to the consensus estimate of $83.69 million. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.11) EPS. Equities research analysts predict that Cognyte Software will post -0.28 EPS for the current fiscal year.

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

Insider Activity at Cognyte Software

In related news, insider Topline Capital Management, Ll acquired 416,040 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was purchased at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the acquisition, the insider now owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This trade represents a 4.84 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Topline Capital Partners, Lp acquired 553,591 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the acquisition, the insider now directly owns 8,604,144 shares in the company, valued at approximately $54,292,148.64. This represents a 6.88 % increase in their position. The disclosure for this purchase can be found here. 62.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Cognyte Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio purchased a new position in shares of Cognyte Software in the 3rd quarter worth approximately $1,101,000. XTX Topco Ltd purchased a new position in shares of Cognyte Software in the 3rd quarter worth approximately $169,000. Centiva Capital LP purchased a new position in shares of Cognyte Software in the 3rd quarter worth approximately $172,000. Atom Investors LP boosted its stake in shares of Cognyte Software by 100.3% in the 3rd quarter. Atom Investors LP now owns 104,470 shares of the medical device company’s stock worth $709,000 after buying an additional 52,310 shares during the last quarter. Finally, American Capital Management Inc. boosted its stake in shares of Cognyte Software by 8.5% in the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the medical device company’s stock worth $43,475,000 after buying an additional 502,781 shares during the last quarter. 72.92% of the stock is owned by 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.