StockNews.com Upgrades Cognyte Software (NASDAQ:CGNT) to Strong-Buy

Cognyte Software (NASDAQ:CGNT) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Tuesday.

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

Cognyte Software Stock Performance

Shares of CGNT stock opened at $8.22 on Tuesday. Cognyte Software has a one year low of $5.12 and a one year high of $9.12. The firm’s 50 day moving average price is $7.26 and its 200-day moving average price is $7.35. The firm has a market cap of $590.94 million, a P/E ratio of -117.41 and a beta of 1.81.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings results on Tuesday, September 10th. The company reported $0.05 earnings per share (EPS) 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 analysts’ expectations of $83.69 million. During the same quarter in the prior year, the company earned ($0.11) earnings per share. The business’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, research analysts predict that Cognyte Software will post -0.28 EPS for the current fiscal year.

Cognyte Software declared that its board has initiated a stock repurchase program on Tuesday, November 12th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the company to purchase up to 3.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Cognyte Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in CGNT. Signaturefd LLC grew its holdings in Cognyte Software by 91.4% during the second quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock worth $25,000 after acquiring an additional 1,581 shares during the period. nVerses Capital LLC acquired a new position in shares of Cognyte Software during the 2nd quarter worth $28,000. DT Investment Partners LLC purchased a new position in shares of Cognyte Software in the 2nd quarter valued at about $62,000. Magnetar Financial LLC acquired a new stake in shares of Cognyte Software in the second quarter valued at about $117,000. Finally, State of New Jersey Common Pension Fund D boosted its holdings in Cognyte Software by 34.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock worth $157,000 after buying an additional 5,940 shares in the last quarter. Institutional investors and hedge funds 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.