Cognyte Software (NASDAQ:CGNT) Stock Rating Upgraded by StockNews.com

Cognyte Software (NASDAQ:CGNT) was upgraded by equities researchers at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Tuesday.

Separately, Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th.

Cognyte Software Stock Down 1.7 %

Shares of Cognyte Software stock traded down $0.15 during trading on Tuesday, reaching $8.62. The company’s stock had a trading volume of 400,745 shares, compared to its average volume of 307,604. Cognyte Software has a 52 week low of $5.12 and a 52 week high of $9.12. The firm has a market cap of $619.69 million, a PE ratio of -123.13 and a beta of 1.81. The business’s 50-day moving average price is $7.23 and its 200-day moving average price is $7.34.

Cognyte Software (NASDAQ:CGNT) last posted its quarterly earnings data on Tuesday, September 10th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The firm had revenue of $84.40 million during the quarter, compared to the consensus estimate of $83.69 million. During the same quarter in the previous year, the firm posted ($0.11) EPS. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities analysts predict that Cognyte Software will post -0.28 earnings per share for the current year.

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

Insider Activity at Cognyte Software

In other news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was purchased 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 trade represents a 6.88 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Topline Capital Management, Ll purchased 416,040 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were purchased at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the completion of the purchase, the insider now directly owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This represents a 4.84 % increase in their position. The disclosure for this purchase can be found here.

Hedge Funds Weigh In On Cognyte Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Capital Management Inc. lifted its stake in shares of 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 acquiring an additional 502,781 shares during the period. Acadian Asset Management LLC lifted its position in shares of Cognyte Software by 13.3% in the 2nd 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. Edenbrook Capital LLC lifted its position in shares of Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock worth $42,663,000 after purchasing an additional 207,675 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Cognyte Software in the 3rd quarter valued at $1,101,000. Finally, Scalar Gauge Management LLC increased its position in shares of Cognyte Software by 30.8% during the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after buying an additional 100,000 shares during the period. 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.