Cognyte Software (NASDAQ:CGNT) Stock Price Up 7.5% – Should You Buy?

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) shot up 7.5% during trading on Tuesday . The company traded as high as $7.74 and last traded at $7.64. 98,649 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 310,413 shares. The stock had previously closed at $7.11.

Analysts Set New Price Targets

CGNT has been the topic of several research reports. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th. StockNews.com raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 23rd.

Cognyte Software Price Performance

The company has a market capitalization of $526.95 million, a PE ratio of -104.70 and a beta of 1.72. The company has a 50 day moving average of $6.78 and a two-hundred day moving average of $7.27.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 EPS for the quarter, beating the consensus estimate 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 net margin of 1.35% and a negative return on equity of 2.56%. Cognyte Software’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) EPS. On average, equities analysts anticipate that Cognyte Software Ltd. will post -0.28 EPS for the current year.

Cognyte Software announced that its Board of Directors has initiated a stock buyback program on Tuesday, November 12th that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the medical device company to buy up to 3.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Cognyte Software

In other news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average cost 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 in the company, valued at approximately $54,292,148.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cognyte Software news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was bought at an average cost of $6.31 per share, for a total transaction of $3,493,159.21. Following the completion of the transaction, the insider now owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Topline Capital Management, Ll bought 416,040 shares of Cognyte Software stock in a transaction on Thursday, September 12th. The shares were acquired at an average cost 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 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.

Institutional Trading of Cognyte Software

Hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC grew its stake in shares of Cognyte Software by 30.3% during the 1st quarter. Acadian Asset Management LLC now owns 2,304,970 shares of the medical device company’s stock valued at $19,041,000 after acquiring an additional 536,393 shares during the period. Edenbrook Capital LLC boosted its position in shares of Cognyte Software by 3.4% in the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the medical device company’s stock worth $42,663,000 after purchasing an additional 207,675 shares during the period. Scalar Gauge Management LLC increased its stake in shares of Cognyte Software by 30.8% in the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock worth $3,247,000 after purchasing an additional 100,000 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Cognyte Software during the 2nd quarter valued at $586,000. Finally, Angeles Wealth Management LLC bought a new stake in Cognyte Software during the third quarter valued at about $437,000. Institutional investors own 72.92% 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.