Cognyte Software Ltd. (NASDAQ:CGNT) Sees Large Increase in Short Interest

Cognyte Software Ltd. (NASDAQ:CGNT) saw a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 498,800 shares, a growth of 24.8% from the June 30th total of 399,600 shares. Based on an average daily trading volume, of 226,900 shares, the days-to-cover ratio is presently 2.2 days. Currently, 0.8% of the shares of the company are short sold.

Analyst Ratings Changes

CGNT has been the topic of several analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a research note on Tuesday, June 18th. Evercore ISI raised their price target on Cognyte Software from $5.00 to $7.50 and gave the company an “in-line” rating in a report on Wednesday, April 10th. Wedbush boosted 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. Finally, StockNews.com raised Cognyte Software from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 21st.

Cognyte Software Stock Up 1.3 %

NASDAQ:CGNT traded up $0.10 during mid-day trading on Friday, hitting $7.61. 142,528 shares of the stock traded hands, compared to its average volume of 185,324. Cognyte Software has a 52 week low of $4.00 and a 52 week high of $8.70. The stock has a market capitalization of $540.46 million, a price-to-earnings ratio of -44.76 and a beta of 1.74. The firm’s 50 day moving average is $7.66 and its two-hundred day moving average is $7.38.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings results on Tuesday, June 18th. The medical device company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.03. The firm had revenue of $82.70 million for the quarter, compared to the consensus estimate of $82.05 million. Cognyte Software had a negative return on equity of 5.94% and a negative net margin of 3.70%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.25) earnings per share. As a group, research analysts predict that Cognyte Software will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC bought a new position in shares of Cognyte Software in the 4th quarter worth $37,000. DT Investment Partners LLC acquired a new stake in Cognyte Software in the second quarter valued at approximately $62,000. Covestor Ltd acquired a new stake in Cognyte Software in the first quarter valued at approximately $73,000. Russell Investments Group Ltd. grew its holdings in Cognyte Software by 8,624.3% in the fourth quarter. Russell Investments Group Ltd. now owns 20,066 shares of the medical device company’s stock worth $129,000 after purchasing an additional 19,836 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Cognyte Software by 56.1% in the fourth quarter. Mackenzie Financial Corp now owns 21,986 shares of the medical device company’s stock worth $141,000 after acquiring an additional 7,899 shares in the last quarter. Hedge funds and other 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.