Cognyte Software (NASDAQ:CGNT) Shares Gap Up – Here’s Why

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) gapped up before the market opened on Thursday . The stock had previously closed at $8.10, but opened at $8.36. Cognyte Software shares last traded at $8.15, with a volume of 51,140 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. 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 research report on Wednesday, December 18th.

Cognyte Software Trading Up 0.7 %

The company’s 50-day moving average price is $9.26 and its two-hundred day moving average price is $8.17. The company has a market cap of $586.44 million, a P/E ratio of -42.97 and a beta of 1.77.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Topline Capital Management LLC bought a new stake in shares of Cognyte Software during the 4th quarter worth $78,025,000. American Capital Management Inc. boosted its position 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 valued at $43,475,000 after purchasing an additional 502,781 shares during the period. Edenbrook Capital LLC boosted 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 valued at $42,663,000 after purchasing an additional 207,675 shares during the period. Value Base Ltd. purchased a new position in Cognyte Software in the 4th quarter worth about $49,471,000. Finally, William Blair Investment Management LLC raised its holdings in Cognyte Software by 2.5% during the 4th quarter. William Blair Investment Management LLC now owns 2,742,843 shares of the company’s stock worth $23,726,000 after buying an additional 67,024 shares during the period. 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.