StockNews.com Downgrades Cognyte Software (NASDAQ:CGNT) to Hold

Cognyte Software (NASDAQ:CGNT) was downgraded by StockNews.com from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

Separately, Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th.

Cognyte Software Price Performance

Shares of CGNT stock opened at $9.26 on Wednesday. The stock has a market cap of $665.74 million, a P/E ratio of -48.74 and a beta of 1.81. The stock has a fifty day moving average price of $7.47 and a 200 day moving average price of $7.39. Cognyte Software has a one year low of $5.44 and a one year high of $9.59.

Cognyte Software announced that its Board of Directors has approved a share buyback program on Tuesday, November 12th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cognyte Software

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Capital Management Inc. increased its position in Cognyte Software by 8.5% in the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock worth $43,475,000 after purchasing an additional 502,781 shares during the period. Edenbrook Capital LLC lifted its stake in 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 acquiring an additional 207,675 shares in the last quarter. Acadian Asset Management LLC lifted its stake 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 acquiring an additional 306,479 shares in the last quarter. Scalar Gauge Management LLC lifted its stake in Cognyte Software by 3.5% in the 3rd quarter. Scalar Gauge Management LLC now owns 440,032 shares of the company’s stock valued at $2,988,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Cognyte Software in the 3rd quarter valued at approximately $1,101,000. 72.92% of the stock is currently owned by institutional investors and hedge funds.

About Cognyte Software

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.