Cognyte Software (NASDAQ:CGNT) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen cut shares of Cognyte Software (NASDAQ:CGNT) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

CGNT has been the topic of several other research reports. Lake Street Capital started coverage on shares of Cognyte Software in a report on Monday, March 2nd. They issued a “buy” rating and a $13.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Cognyte Software in a report on Wednesday, January 21st. Finally, Zacks Research raised shares of Cognyte Software from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.50.

Cognyte Software Price Performance

Shares of NASDAQ:CGNT opened at $11.11 on Friday. Cognyte Software has a 1-year low of $6.29 and a 1-year high of $11.65. The company has a market capitalization of $811.92 million, a P/E ratio of -1,111.00 and a beta of 1.58. The firm’s 50 day simple moving average is $8.72 and its two-hundred day simple moving average is $8.64.

Cognyte Software (NASDAQ:CGNT) last issued 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 business had revenue of $106.24 million for the quarter, compared to the consensus estimate of $106.20 million. On average, sell-side analysts anticipate that Cognyte Software will post 0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CGNT. Topline Capital Management LLC lifted its position in shares of Cognyte Software by 2.4% during the third quarter. Topline Capital Management LLC now owns 7,195,619 shares of the company’s stock valued at $60,443,000 after buying an additional 168,329 shares during the last quarter. American Capital Management Inc. raised its stake in Cognyte Software by 0.6% in the 3rd quarter. American Capital Management Inc. now owns 6,751,962 shares of the company’s stock worth $56,716,000 after acquiring an additional 39,721 shares during the last quarter. Westerly Capital Management LLC raised its position in Cognyte Software by 5.0% during the 4th quarter. Westerly Capital Management LLC now owns 1,155,000 shares of the company’s stock worth $10,857,000 after buying an additional 55,000 shares during the last quarter. Millennium Management LLC raised its position in Cognyte Software by 101.9% during the 1st quarter. Millennium Management LLC now owns 921,853 shares of the company’s stock worth $7,190,000 after buying an additional 465,307 shares during the last quarter. Finally, Scalar Gauge Management LLC raised its position in Cognyte Software by 14.6% during the 4th quarter. Scalar Gauge Management LLC now owns 904,099 shares of the company’s stock worth $8,499,000 after buying an additional 115,000 shares during the last quarter. 72.92% of the stock is currently owned by institutional investors.

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.