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

StockNews.com upgraded shares of Cognyte Software (NASDAQ:CGNT) from a buy rating to a strong-buy rating in a report published on Tuesday morning.

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

Cognyte Software Stock Up 9.1 %

Shares of Cognyte Software stock opened at $8.97 on Tuesday. The business has a 50-day moving average price of $7.31 and a 200 day moving average price of $7.36. Cognyte Software has a fifty-two week low of $5.12 and a fifty-two week high of $9.12. The firm has a market cap of $644.89 million, a P/E ratio of -47.21 and a beta of 1.81.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings data on Tuesday, September 10th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $84.40 million during the quarter, compared to the consensus estimate of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.11) earnings per share. As a group, equities research analysts anticipate that Cognyte Software will post -0.28 earnings per share for the current year.

Cognyte Software declared that its board has approved a stock buyback plan on Tuesday, November 12th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Cognyte Software

Institutional investors have recently made changes to their positions in the stock. Signaturefd LLC increased its stake in shares of Cognyte Software by 91.4% during the second quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock valued at $25,000 after acquiring an additional 1,581 shares during the period. nVerses Capital LLC bought a new position in Cognyte Software during the 2nd quarter valued at $28,000. DT Investment Partners LLC acquired a new position in shares of Cognyte Software during the 2nd quarter valued at $62,000. Magnetar Financial LLC bought a new stake in shares of Cognyte Software in the 2nd quarter worth $117,000. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Cognyte Software by 34.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock valued at $157,000 after buying an additional 5,940 shares during the period. 72.92% of the stock is 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.