Cognyte Software Ltd. (NASDAQ:CGNT) Sees Significant Growth in Short Interest

Cognyte Software Ltd. (NASDAQ:CGNT) saw a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 617,200 shares, a growth of 12.2% from the May 15th total of 550,200 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average trading volume of 283,300 shares, the short-interest ratio is presently 2.2 days.

Hedge Funds Weigh In On Cognyte Software

A number of hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC purchased a new position in shares of Cognyte Software during the fourth quarter valued at about $37,000. Covestor Ltd purchased a new stake in Cognyte Software in the first quarter worth about $73,000. Russell Investments Group Ltd. lifted its stake in shares of Cognyte Software by 8,624.3% in the fourth quarter. Russell Investments Group Ltd. now owns 20,066 shares of the medical device company’s stock worth $129,000 after buying an additional 19,836 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Cognyte Software by 56.1% in the fourth quarter. Mackenzie Financial Corp now owns 21,986 shares of the medical device company’s stock worth $141,000 after buying an additional 7,899 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of Cognyte Software in the fourth quarter worth approximately $144,000. Hedge funds and other institutional investors own 72.92% of the company’s stock.

Wall Street Analysts Forecast Growth

CGNT has been the subject of a number of research analyst reports. StockNews.com downgraded shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 13th. Wedbush lifted their price objective on shares of Cognyte Software from $5.00 to $8.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a report on Tuesday. Finally, Evercore ISI lifted their price objective on shares of Cognyte Software from $5.00 to $7.50 and gave the stock an “in-line” rating in a report on Wednesday, April 10th.

Cognyte Software Price Performance

Cognyte Software stock traded down $0.41 during mid-day trading on Tuesday, hitting $7.60. The company’s stock had a trading volume of 888,441 shares, compared to its average volume of 366,669. The stock has a market cap of $539.75 million, a price-to-earnings ratio of -33.04 and a beta of 1.74. The business has a 50 day moving average price of $7.37 and a 200-day moving average price of $7.08. Cognyte Software has a 12 month low of $4.00 and a 12 month high of $8.70.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings data on Tuesday, April 9th. The medical device company reported ($0.28) earnings per share (EPS) for the quarter. Cognyte Software had a negative net margin of 4.97% and a negative return on equity of 12.06%. The firm had revenue of $83.69 million during the quarter. On average, equities research analysts expect that Cognyte Software will post -0.3 earnings per share for the current fiscal year.

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.