Cognyte Software (NASDAQ:CGNT) Trading 4% Higher – Here’s Why

Cognyte Software Ltd. (NASDAQ:CGNT) rose 4% on Thursday . The company traded as high as $8.55 and last traded at $8.55. Approximately 53,574 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 308,128 shares. The stock had previously closed at $8.22.

Analyst Ratings Changes

A number of brokerages have issued reports on CGNT. StockNews.com upgraded Cognyte Software from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research note on Thursday.

Cognyte Software Trading Down 2.5 %

The stock has a market cap of $629.04 million, a price-to-earnings ratio of -46.05 and a beta of 1.81. The firm’s 50-day moving average is $7.35 and its two-hundred day moving average is $7.37.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings results on Tuesday, September 10th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Cognyte Software had a negative return on equity of 13.38% and a negative net margin of 3.95%. The firm had revenue of $84.40 million for the quarter, compared to analyst estimates of $83.69 million. During the same period in the previous year, the company posted ($0.11) earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. On average, analysts predict that Cognyte Software Ltd. will post -0.28 earnings per share for the current year.

Cognyte Software announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 12th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the company to buy up to 3.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Cognyte Software

A number of hedge funds have recently bought and sold shares of the business. American Capital Management Inc. increased 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 company’s stock worth $43,475,000 after acquiring an additional 502,781 shares during the last quarter. Edenbrook Capital LLC grew its holdings in shares of Cognyte Software by 3.4% in the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock valued at $42,663,000 after purchasing an additional 207,675 shares during the period. Acadian Asset Management LLC raised its stake in Cognyte Software by 13.3% during the second quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the company’s stock worth $19,928,000 after purchasing an additional 306,479 shares during the period. Scalar Gauge Management LLC boosted its holdings 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 purchasing an additional 15,000 shares during the last quarter. Finally, 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. Institutional investors and hedge funds 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.