Cognyte Software’s (CGNT) “Hold” Rating Reiterated at Needham & Company LLC

Cognyte Software (NASDAQ:CGNT)‘s stock had its “hold” rating restated by research analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports.

Separately, StockNews.com upgraded Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Tuesday.

Cognyte Software Stock Down 2.5 %

NASDAQ CGNT opened at $8.75 on Thursday. Cognyte Software has a 12-month low of $5.44 and a 12-month high of $9.12. The firm’s 50 day moving average is $7.35 and its 200-day moving average is $7.37. The company has a market capitalization of $629.04 million, a PE ratio of -46.05 and a beta of 1.81.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings results on Tuesday, September 10th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.07. Cognyte Software had a negative net margin of 3.95% and a negative return on equity of 13.38%. The firm had revenue of $84.40 million for the quarter, compared to analyst estimates of $83.69 million. During the same period in the previous year, the business earned ($0.11) EPS. The company’s revenue was up 9.5% compared to the same quarter last year. As a group, sell-side analysts expect that Cognyte Software will post -0.28 EPS for the current year.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Signaturefd LLC increased its stake in shares of Cognyte Software by 91.4% during the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares during the last quarter. nVerses Capital LLC acquired a new position in Cognyte Software during the second quarter worth approximately $28,000. DT Investment Partners LLC acquired a new position in Cognyte Software during the second quarter worth approximately $62,000. Magnetar Financial LLC acquired a new position in shares of Cognyte Software during the 2nd quarter worth approximately $117,000. Finally, State of New Jersey Common Pension Fund D increased its holdings in shares of Cognyte Software by 34.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock worth $157,000 after acquiring an additional 5,940 shares during the last quarter. 72.92% of the stock is currently owned by institutional investors and hedge funds.

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.