Short Interest in Cognyte Software Ltd. (NASDAQ:CGNT) Decreases By 30.7%

Cognyte Software Ltd. (NASDAQ:CGNT) was the target of a significant decline in short interest in December. As of December 15th, there was short interest totalling 400,500 shares, a decline of 30.7% from the November 30th total of 578,000 shares. Based on an average trading volume of 255,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 0.7% of the company’s stock are sold short.

Institutional Investors Weigh In On Cognyte Software

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC grew its position in Cognyte Software by 91.4% in 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. Silverberg Bernstein Capital Management LLC raised its stake in shares of Cognyte Software by 2.0% during the third quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the company’s stock worth $681,000 after buying an additional 2,000 shares during the last quarter. Legacy Advisors LLC lifted its holdings in Cognyte Software by 1.4% in the second quarter. Legacy Advisors LLC now owns 143,790 shares of the company’s stock valued at $1,099,000 after buying an additional 2,041 shares during the period. Tidal Investments LLC boosted its stake in Cognyte Software by 4.6% in the third quarter. Tidal Investments LLC now owns 59,902 shares of the company’s stock valued at $407,000 after acquiring an additional 2,648 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in Cognyte Software during the 2nd quarter worth $28,000. 72.92% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CGNT shares. StockNews.com downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th.

Cognyte Software Trading Down 0.6 %

NASDAQ CGNT traded down $0.05 during trading on Friday, reaching $8.77. 225,719 shares of the company’s stock were exchanged, compared to its average volume of 307,814. The company’s fifty day simple moving average is $7.77 and its 200-day simple moving average is $7.45. Cognyte Software has a fifty-two week low of $5.44 and a fifty-two week high of $9.59. The firm has a market capitalization of $630.51 million, a PE ratio of -46.16 and a beta of 1.81.

Cognyte Software declared that its board has authorized 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 repurchase up to 3.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

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.