Cognyte Software (NASDAQ:CGNT) Rating Lowered to “Hold” at StockNews.com

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

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

Cognyte Software Stock Up 1.2 %

Shares of NASDAQ CGNT opened at $8.70 on Wednesday. Cognyte Software has a twelve month low of $5.44 and a twelve month high of $9.59. The company has a market cap of $625.48 million, a PE ratio of -45.79 and a beta of 1.81. The business’s 50 day moving average price is $7.55 and its two-hundred day moving average price is $7.41.

Cognyte Software announced that its Board of Directors has initiated a share buyback program on Tuesday, November 12th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Cognyte Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Scalar Gauge Management LLC increased its position in shares of Cognyte Software by 30.8% in the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after purchasing an additional 100,000 shares during the period. American Capital Management Inc. increased its holdings in Cognyte Software by 8.5% in the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock valued at $43,475,000 after buying an additional 502,781 shares during the period. Edenbrook Capital LLC increased its holdings 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 buying an additional 207,675 shares during the period. State of New Jersey Common Pension Fund D raised its position in shares of Cognyte Software by 34.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock valued at $157,000 after buying an additional 5,940 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in shares of Cognyte Software during the 2nd quarter worth approximately $586,000. 72.92% of the stock is owned by institutional investors and hedge funds.

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.