Cognyte Software (NASDAQ:CGNT) Shares Gap Up on Insider Buying Activity

Cognyte Software Ltd. (NASDAQ:CGNT) shares gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $6.31, but opened at $6.57. Cognyte Software shares last traded at $6.99, with a volume of 206,701 shares.

Specifically, insider Topline Capital Management, Ll acquired 416,040 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were acquired at an average price of $6.30 per share, for a total transaction of $2,621,052.00. Following the completion of the acquisition, the insider now owns 9,020,184 shares in the company, valued at $56,827,159.20. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average price of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the acquisition, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a research note on Tuesday. StockNews.com cut shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Wedbush lifted their target price on shares of Cognyte Software from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Thursday, June 20th.

Cognyte Software Price Performance

The business has a 50-day moving average of $7.39 and a 200 day moving average of $7.49. The company has a market cap of $498.92 million, a PE ratio of -40.82 and a beta of 1.74.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $84.40 million for the quarter, compared to the consensus estimate of $83.69 million. During the same period last year, the firm earned ($0.11) earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities analysts predict that Cognyte Software Ltd. will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Cognyte Software

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC raised its position in shares of Cognyte Software by 13.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the medical device company’s stock valued at $19,928,000 after purchasing an additional 306,479 shares during the period. G2 Investment Partners Management LLC lifted its position in shares of Cognyte Software by 241.5% in the fourth quarter. G2 Investment Partners Management LLC now owns 1,366,163 shares of the medical device company’s stock valued at $8,784,000 after acquiring an additional 966,163 shares in the last quarter. Scalar Gauge Management LLC boosted its stake in shares of Cognyte Software by 30.8% in the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock worth $3,247,000 after acquiring an additional 100,000 shares during the period. Essex Investment Management Co. LLC grew its position in shares of Cognyte Software by 1.6% during the first quarter. Essex Investment Management Co. LLC now owns 339,452 shares of the medical device company’s stock worth $2,807,000 after purchasing an additional 5,244 shares in the last quarter. Finally, Trexquant Investment LP raised its stake in Cognyte Software by 43.0% during the 4th quarter. Trexquant Investment LP now owns 153,184 shares of the medical device company’s stock valued at $985,000 after purchasing an additional 46,073 shares during the period. Institutional investors 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.