Cognyte Software (NASDAQ:CGNT) Trading 8.4% Higher – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT) shares rose 8.4% on Thursday . The company traded as high as $8.24 and last traded at $8.09. Approximately 525,712 shares traded hands during mid-day trading, an increase of 70% from the average daily volume of 309,976 shares. The stock had previously closed at $7.46.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. StockNews.com lowered Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Friday. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th.

Cognyte Software Price Performance

The firm’s 50-day simple moving average is $6.84 and its 200 day simple moving average is $7.29.

Cognyte Software (NASDAQ:CGNT) last posted its quarterly earnings results on Tuesday, September 10th. The medical device company reported $0.05 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $83.69 million. During the same quarter in the previous year, the firm posted ($0.11) EPS. Cognyte Software’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Cognyte Software Ltd. will post -0.28 EPS for the current year.

Cognyte Software declared that its board has authorized a stock repurchase program on Tuesday, November 12th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the medical device company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Topline Capital Management, Ll acquired 416,040 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the purchase, the insider now owns 9,020,184 shares in the company, valued at $56,827,159.20. This trade represents a 4.84 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 price of $6.31 per share, with a total value of $3,493,159.21. Following the purchase, the insider now owns 8,604,144 shares in the company, valued at $54,292,148.64. This trade represents a 6.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 62.70% of the stock is currently owned by insiders.

Institutional Trading of Cognyte Software

A number of hedge funds and other institutional investors have recently bought and sold shares of CGNT. Signaturefd LLC raised its stake in Cognyte Software by 91.4% in the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock valued at $25,000 after purchasing an additional 1,581 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Cognyte Software in the 2nd quarter worth $28,000. DT Investment Partners LLC purchased a new stake in shares of Cognyte Software during the 2nd quarter valued at $62,000. Magnetar Financial LLC bought a new stake in shares of Cognyte Software during the 2nd quarter worth $117,000. Finally, State of New Jersey Common Pension Fund D grew its position in Cognyte Software by 34.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the medical device company’s stock worth $157,000 after acquiring an additional 5,940 shares in the last quarter. 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.