Cognyte Software (NASDAQ:CGNT) Trading 10.6% Higher – Time to Buy?

Cognyte Software Ltd. (NASDAQ:CGNT)’s stock price traded up 10.6% during mid-day trading on Tuesday . The stock traded as high as $9.47 and last traded at $9.64. 290,364 shares traded hands during trading, a decline of 30% from the average session volume of 417,454 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cognyte Software in a research report on Wednesday, January 21st. Zacks Research upgraded Cognyte Software from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 8th. Wall Street Zen upgraded Cognyte Software from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 28th. Finally, Lake Street Capital began coverage on Cognyte Software in a research report on Monday, March 2nd. They set a “buy” rating and a $13.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Cognyte Software Stock Up 1.0%

The company’s 50 day moving average price is $7.93 and its two-hundred day moving average price is $8.48. The stock has a market cap of $706.66 million, a P/E ratio of -967.00 and a beta of 1.53.

Cognyte Software (NASDAQ:CGNT) last posted its quarterly earnings results on Wednesday, March 25th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.09. Cognyte Software had a negative net margin of 0.16% and a positive return on equity of 0.74%. The firm had revenue of $106.24 million during the quarter, compared to the consensus estimate of $106.20 million. As a group, equities research analysts forecast that Cognyte Software Ltd. will post -0.2 earnings per share for the current year.

Institutional Trading of Cognyte Software

Institutional investors and hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. raised its stake in shares of Cognyte Software by 1,478.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,268 shares of the company’s stock valued at $31,000 after acquiring an additional 3,061 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Cognyte Software in the third quarter worth approximately $27,000. Osaic Holdings Inc. raised its stake in Cognyte Software by 79.4% in the second quarter. Osaic Holdings Inc. now owns 3,634 shares of the company’s stock worth $34,000 after buying an additional 1,608 shares in the last quarter. Quarry LP bought a new position in Cognyte Software in the third quarter worth approximately $33,000. Finally, FourThought Financial Partners LLC bought a new position in Cognyte Software in the fourth quarter worth approximately $95,000. Institutional investors own 72.92% of the company’s stock.

About Cognyte Software

Cognyte Software Ltd. is a global provider of security analytics solutions that was spun off from NICE Ltd. in early 2021. Headquartered in Israel, the company delivers specialized software and services designed to help government agencies, law enforcement organizations and critical infrastructure operators process and analyze large volumes of data for intelligence and investigative purposes.

The company’s core offerings include advanced analytics platforms that aggregate and visualize structured and unstructured data from diverse sources, such as communications metadata, open-source intelligence and sensor feeds.