Cognyte Software (NASDAQ:CGNT) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Cognyte Software Ltd. (NASDAQ:CGNT)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $7.52 and traded as high as $8.77. Cognyte Software shares last traded at $8.72, with a volume of 184,005 shares.

Wall Street Analysts Forecast Growth

CGNT has been the topic of a number of research reports. StockNews.com cut shares of Cognyte Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th.

Cognyte Software Stock Performance

The stock’s fifty day moving average is $8.19 and its two-hundred day moving average is $7.52. The firm has a market cap of $626.92 million, a price-to-earnings ratio of -45.89 and a beta of 1.76.

Cognyte Software announced that its board has authorized a share buyback program on Tuesday, November 12th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Cognyte Software

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. American Capital Management Inc. grew its position in 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 buying an additional 502,781 shares in the last quarter. Edenbrook Capital LLC grew its position in 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 buying an additional 207,675 shares in the last quarter. Scalar Gauge Management LLC boosted its position in shares of Cognyte Software by 3.5% during the 3rd quarter. Scalar Gauge Management LLC now owns 440,032 shares of the company’s stock valued at $2,988,000 after purchasing an additional 15,000 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Cognyte Software during the 3rd quarter valued at about $1,101,000. Finally, Atom Investors LP boosted its position in shares of Cognyte Software by 100.3% during the 3rd quarter. Atom Investors LP now owns 104,470 shares of the company’s stock valued at $709,000 after purchasing an additional 52,310 shares in the last quarter. Institutional investors own 72.92% of the company’s stock.

About Cognyte Software

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.