Cognyte Software (NASDAQ:CGNT) Sets New 12-Month High – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price hit a new 52-week high on Wednesday . The company traded as high as $8.75 and last traded at $8.69, with a volume of 22557 shares changing hands. The stock had previously closed at $8.51.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CGNT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th. StockNews.com downgraded shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Friday, November 22nd.

Cognyte Software Stock Up 2.2 %

The company’s 50 day moving average price is $7.03 and its two-hundred day moving average price is $7.30. The stock has a market cap of $625.48 million, a P/E ratio of -122.43 and a beta of 1.81.

Cognyte Software (NASDAQ:CGNT) last posted its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.07. The business had revenue of $84.40 million during the quarter, compared to the consensus estimate of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.11) earnings per share. As a group, equities research analysts forecast that Cognyte Software Ltd. will post -0.28 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $54,292,148.64. This trade represents a 6.88 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Topline Capital Management, Ll bought 416,040 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were bought at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the purchase, the insider now directly owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This represents a 4.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Institutional Trading of Cognyte Software

Several large investors have recently bought and sold shares of the business. Scalar Gauge Management LLC increased its holdings in shares of Cognyte Software by 30.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock worth $3,247,000 after buying an additional 100,000 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its position in Cognyte Software by 34.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the medical device company’s stock valued at $157,000 after buying an additional 5,940 shares during the period. Edenbrook Capital LLC boosted its position in Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the medical device company’s stock valued at $42,663,000 after buying an additional 207,675 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Cognyte Software in the 2nd quarter valued at approximately $586,000. Finally, Tidal Investments LLC purchased a new position in Cognyte Software in the 1st quarter valued at approximately $515,000. 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.