Cognyte Software (NASDAQ:CGNT) Reaches New 12-Month High – What’s Next?

Cognyte Software Ltd. (NASDAQ:CGNT) shares hit a new 52-week high on Monday . The stock traded as high as $9.14 and last traded at $9.14, with a volume of 224931 shares traded. The stock had previously closed at $8.75.

Analyst Upgrades and Downgrades

Several research firms recently commented on CGNT. StockNews.com raised Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a report on Thursday.

Cognyte Software Stock Up 8.6 %

The company has a 50-day moving average of $7.35 and a 200 day moving average of $7.36. The stock has a market capitalization of $682.99 million, a PE ratio of -46.05 and a beta of 1.81.

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

Institutional Investors Weigh In On Cognyte Software

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Scalar Gauge Management LLC grew its stake in shares of Cognyte Software by 30.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock valued at $3,247,000 after buying an additional 100,000 shares during the period. American Capital Management Inc. grew its holdings in shares of Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock worth $43,475,000 after purchasing an additional 502,781 shares during the period. Edenbrook Capital LLC grew its holdings in shares of Cognyte Software by 3.4% during the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock worth $42,663,000 after purchasing an additional 207,675 shares during the period. State of New Jersey Common Pension Fund D increased its position in shares of Cognyte Software by 34.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock worth $157,000 after purchasing an additional 5,940 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in Cognyte Software in the 2nd quarter valued at about $586,000. 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.