Cognyte Software (NASDAQ:CGNT) Issues Earnings Results, Beats Expectations By $0.12 EPS

Cognyte Software (NASDAQ:CGNT) issued its earnings results on Tuesday. The medical device company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12, Briefing.com reports. Cognyte Software had a negative return on equity of 42.06% and a negative net margin of 30.95%. The business had revenue of $77.10 million during the quarter, compared to analyst estimates of $73.87 million. During the same period in the previous year, the company posted ($0.43) EPS. The firm’s revenue was down 4.9% compared to the same quarter last year. Cognyte Software updated its FY24 guidance to ($0.33) EPS and its FY 2024 guidance to -$0.33–$0.33 EPS.

Cognyte Software Stock Down 4.4 %

CGNT stock opened at $5.48 on Thursday. The firm has a market cap of $385.34 million, a PE ratio of -4.00 and a beta of 1.48. The business has a 50 day moving average of $5.07 and a 200-day moving average of $4.61. Cognyte Software has a 12-month low of $2.31 and a 12-month high of $6.23.

Hedge Funds Weigh In On Cognyte Software

Institutional investors have recently modified their holdings of the business. Quantbot Technologies LP bought a new position in shares of Cognyte Software in the first quarter valued at approximately $45,000. Lazard Asset Management LLC bought a new position in shares of Cognyte Software in the second quarter valued at approximately $56,000. State of Wyoming grew its holdings in shares of Cognyte Software by 72.9% in the second quarter. State of Wyoming now owns 9,794 shares of the medical device company’s stock valued at $60,000 after acquiring an additional 4,130 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in shares of Cognyte Software in the first quarter valued at approximately $34,000. Finally, M&T Bank Corp bought a new position in shares of Cognyte Software in the fourth quarter valued at approximately $77,000. 63.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on CGNT shares. StockNews.com raised Cognyte Software from a “hold” rating to a “buy” rating in a report on Wednesday. Evercore ISI boosted their price objective on Cognyte Software from $3.00 to $5.00 in a report on Friday, June 16th.

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 also offers network intelligence analytics, open source and threat intelligence analytics, and operational intelligence analytics solutions.