Short Interest in Cognyte Software Ltd. (NASDAQ:CGNT) Expands By 168.7%

Cognyte Software Ltd. (NASDAQ:CGNT) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 443,400 shares, a growth of 168.7% from the September 15th total of 165,000 shares. Based on an average daily trading volume, of 527,300 shares, the days-to-cover ratio is currently 0.8 days. Currently, 0.7% of the shares of the company are sold short.

Several brokerages recently commented on CGNT. William Blair began coverage on Cognyte Software in a research note on Monday, July 26th. They issued an “outperform” rating and a $24.33 price target on the stock. Needham & Company LLC began coverage on Cognyte Software in a research report on Thursday, July 15th. They set a “buy” rating and a $36.00 target price for the company. Wedbush dropped their price objective on Cognyte Software from $40.00 to $32.00 and set an “in-line” rating for the company in a report on Tuesday, September 21st. Finally, Zacks Investment Research cut Cognyte Software from a “buy” rating to a “hold” rating in a research note on Monday, September 27th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Cognyte Software presently has an average rating of “Buy” and a consensus price target of $33.22.

CGNT stock opened at $22.58 on Thursday. Cognyte Software has a 1-year low of $19.83 and a 1-year high of $38.00. The firm has a market cap of $1.49 billion and a PE ratio of 21.92. The stock has a 50-day moving average price of $25.24 and a 200-day moving average price of $24.99.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings results on Monday, September 20th. The medical device company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The company had revenue of $116.00 million for the quarter, compared to analyst estimates of $115.55 million. The company’s quarterly revenue was down .3% on a year-over-year basis. On average, equities analysts forecast that Cognyte Software will post 0.08 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new stake in Cognyte Software during the second quarter valued at about $17,758,000. RGM Capital LLC bought a new position in shares of Cognyte Software during the second quarter valued at approximately $73,325,000. Keybank National Association OH bought a new position in shares of Cognyte Software during the second quarter valued at approximately $645,000. New South Capital Management Inc. bought a new position in shares of Cognyte Software during the second quarter valued at approximately $25,561,000. Finally, Oak Associates Ltd. OH purchased a new stake in shares of Cognyte Software during the second quarter valued at approximately $1,075,000. 87.78% of the stock is currently owned by hedge funds and other institutional investors.

About Cognyte Software

Cognyte Software Ltd. provides security analytics software to governments and enterprises worldwide. The company's open software fuses, analyzes, and visualizes disparate data sets for security organizations. It offers investigative analytics, operational intelligence analytics, and threat intelligence analytics solutions.

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