Cognyte Software (NASDAQ:CGNT) Share Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Cognyte Software Ltd. (NASDAQ:CGNT) shares passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $7.52 and traded as high as $8.77. Cognyte Software shares last traded at $8.72, with a volume of 184,005 shares changing hands.

Analyst Ratings Changes

Several research firms have recently weighed in on CGNT. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th. StockNews.com cut Cognyte Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th.

Cognyte Software Trading Down 0.9 %

The company has a 50 day simple moving average of $8.19 and a 200 day simple moving average of $7.52. The stock has a market cap of $626.92 million, a P/E ratio of -45.89 and a beta of 1.76.

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

Hedge Funds Weigh In On Cognyte Software

Large investors have recently modified their holdings of the business. American Capital Management Inc. increased its position 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 valued at $43,475,000 after acquiring an additional 502,781 shares during the last quarter. Edenbrook Capital LLC grew its stake in 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 in the last quarter. Scalar Gauge Management LLC increased its position in shares of Cognyte Software by 3.5% during the 3rd quarter. Scalar Gauge Management LLC now owns 440,032 shares of the company’s stock worth $2,988,000 after purchasing an additional 15,000 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Cognyte Software during the 3rd quarter worth approximately $1,101,000. Finally, Atom Investors LP raised its stake in shares of Cognyte Software by 100.3% during the 3rd quarter. Atom Investors LP now owns 104,470 shares of the company’s stock worth $709,000 after purchasing an additional 52,310 shares in the last quarter. 72.92% of the stock is currently 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.