ARK Investment Management LLC Sells 9,654 Shares of Cognyte Software Ltd. (NASDAQ:CGNT)

ARK Investment Management LLC decreased its position in shares of Cognyte Software Ltd. (NASDAQ:CGNT) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 260,661 shares of the company’s stock after selling 9,654 shares during the period. ARK Investment Management LLC’s holdings in Cognyte Software were worth $2,255,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. American Capital Management Inc. increased its stake in shares of Cognyte Software by 8.5% in the third 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 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 buying an additional 207,675 shares during the last quarter. Scalar Gauge Management LLC increased its position in Cognyte Software by 3.5% in the 3rd quarter. Scalar Gauge Management LLC now owns 440,032 shares of the company’s stock worth $2,988,000 after buying an additional 15,000 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Cognyte Software during the third quarter worth approximately $1,101,000. Finally, Atom Investors LP boosted its position in shares of Cognyte Software by 100.3% in the third quarter. Atom Investors LP now owns 104,470 shares of the company’s stock valued at $709,000 after acquiring an additional 52,310 shares during the period. 72.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CGNT. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Thursday, December 12th. StockNews.com lowered shares of Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th.

Cognyte Software Trading Up 0.9 %

CGNT opened at $8.98 on Thursday. The stock’s 50 day simple moving average is $9.39 and its 200-day simple moving average is $8.02. The stock has a market cap of $645.61 million, a PE ratio of -47.26 and a beta of 1.77. Cognyte Software Ltd. has a 1 year low of $6.21 and a 1 year high of $11.12.

Cognyte Software announced that its Board of Directors has initiated a stock buyback plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.