Cognyte Software (NASDAQ:CGNT) Downgraded to Buy Rating by StockNews.com

StockNews.com lowered shares of Cognyte Software (NASDAQ:CGNT) from a strong-buy rating to a buy rating in a report released on Friday.

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th.

Cognyte Software Price Performance

Shares of CGNT stock opened at $7.95 on Friday. The company’s 50-day simple moving average is $6.87 and its two-hundred day simple moving average is $7.28. Cognyte Software has a one year low of $4.47 and a one year high of $8.70. The company has a market capitalization of $571.53 million, a P/E ratio of -113.56 and a beta of 1.72.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The company 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 business posted ($0.11) EPS. Cognyte Software’s quarterly revenue was up 9.5% on a year-over-year basis. On average, research analysts expect that Cognyte Software will post -0.28 EPS for the current fiscal year.

Cognyte Software announced that its board has approved a stock buyback plan on Tuesday, November 12th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the medical device company to purchase up to 3.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Cognyte Software

In other Cognyte Software news, insider Topline Capital Management, Ll bought 416,040 shares of Cognyte Software stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the transaction, the insider now directly owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This represents a 4.84 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the acquisition, the insider now owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. This represents a 6.88 % increase in their position. The disclosure for this purchase can be found here.

Institutional Investors Weigh In On Cognyte Software

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC increased its position in shares of Cognyte Software by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 59,902 shares of the medical device company’s stock valued at $407,000 after acquiring an additional 2,648 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Cognyte Software in the third quarter valued at about $1,101,000. XTX Topco Ltd purchased a new position in shares of Cognyte Software in the third quarter worth about $169,000. Centiva Capital LP acquired a new stake in shares of Cognyte Software during the third quarter worth about $172,000. Finally, Atom Investors LP boosted its position in Cognyte Software by 100.3% in the third quarter. Atom Investors LP now owns 104,470 shares of the medical device company’s stock valued at $709,000 after buying an additional 52,310 shares during 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.