Cognyte Software (NASDAQ:CGNT) Reaches New 1-Year High – Still a Buy?

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) hit a new 52-week high during trading on Tuesday . The stock traded as high as $10.00 and last traded at $9.71, with a volume of 4761 shares. The stock had previously closed at $9.66.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. StockNews.com cut shares of Cognyte Software from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a research report on Thursday, December 12th.

Cognyte Software Stock Performance

The firm’s fifty day simple moving average is $8.57 and its 200 day simple moving average is $7.61. The stock has a market capitalization of $675.77 million, a price-to-earnings ratio of -49.47 and a beta of 1.76.

Cognyte Software announced that its Board of Directors has approved 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 reacquire up to 3.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Cognyte Software

Large investors have recently modified their holdings of the business. American Capital Management Inc. increased its holdings in Cognyte Software by 8.5% during the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock worth $43,475,000 after buying an additional 502,781 shares during the last quarter. Edenbrook Capital LLC grew its position in shares of 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 acquiring an additional 207,675 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Cognyte Software during the 3rd quarter worth about $1,101,000. Angeles Wealth Management LLC bought a new stake in shares of Cognyte Software in the 3rd quarter valued at about $437,000. Finally, Atom Investors LP lifted its stake in Cognyte Software by 100.3% in 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 during the last quarter. 72.92% of the stock is currently owned by institutional investors and hedge funds.

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.