Cognyte Software (NASDAQ:CGNT) Lowered to Buy Rating by StockNews.com

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

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

Cognyte Software Price Performance

Shares of NASDAQ CGNT opened at $7.95 on Friday. The firm’s 50 day simple moving average is $6.87 and its 200-day simple moving average is $7.28. Cognyte Software has a 12 month low of $4.47 and a 12 month high of $8.70. The stock has a market capitalization of $571.53 million, a price-to-earnings ratio of -113.56 and a beta of 1.72.

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

Cognyte Software declared that its board has authorized a stock repurchase plan on Tuesday, November 12th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the medical device company to buy up to 3.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Topline Capital Management, Ll acquired 416,040 shares of Cognyte Software stock in a transaction that occurred on Thursday, September 12th. The shares were purchased at an average price of $6.30 per share, for a total transaction of $2,621,052.00. Following the completion of the transaction, the insider now owns 9,020,184 shares in the company, valued at $56,827,159.20. This represents a 4.84 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was bought at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the purchase, the insider now directly owns 8,604,144 shares in the company, valued at approximately $54,292,148.64. The trade was a 6.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Institutional Trading of Cognyte Software

Hedge funds have recently made changes to their positions in the company. Sei Investments Co. lifted its holdings in Cognyte Software by 25.6% in the first quarter. Sei Investments Co. now owns 129,122 shares of the medical device company’s stock valued at $1,068,000 after acquiring an additional 26,341 shares during the last quarter. Quadrature Capital Ltd increased its position in shares of Cognyte Software by 111.0% during the 1st quarter. Quadrature Capital Ltd now owns 47,174 shares of the medical device company’s stock worth $391,000 after purchasing an additional 24,820 shares during the last quarter. Tidal Investments LLC purchased a new stake in Cognyte Software in the 1st quarter valued at about $515,000. Silverberg Bernstein Capital Management LLC lifted its position in Cognyte Software by 7.7% in the second quarter. Silverberg Bernstein Capital Management LLC now owns 98,300 shares of the medical device company’s stock valued at $751,000 after buying an additional 7,000 shares during the last quarter. Finally, DT Investment Partners LLC purchased a new position in Cognyte Software during the second quarter worth about $62,000. Hedge funds and other institutional investors own 72.92% of the company’s stock.

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.