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

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $10.00 and last traded at $9.71, with a volume of 4761 shares. The stock had previously closed at $9.66.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CGNT. StockNews.com downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th.

Cognyte Software Trading Down 0.2 %

The company’s fifty day simple moving average is $8.49 and its 200-day simple moving average is $7.59. The stock has a market cap of $693.31 million, a P/E ratio of -50.76 and a beta of 1.76.

Cognyte Software declared that its board has initiated a stock repurchase program on Tuesday, November 12th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Cognyte Software

Several institutional investors and hedge funds have recently made changes to their positions in CGNT. Magnetar Financial LLC bought a new stake in Cognyte Software in the second quarter valued at approximately $117,000. Scalar Gauge Management LLC boosted its position in shares of Cognyte Software by 30.8% during the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after buying an additional 100,000 shares during the period. Silverberg Bernstein Capital Management LLC lifted its stake in Cognyte Software by 2.0% in the 3rd quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the company’s stock valued at $681,000 after acquiring an additional 2,000 shares in the last quarter. Angeles Wealth Management LLC acquired a new position in Cognyte Software during the 3rd quarter worth approximately $437,000. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Cognyte Software by 34.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock valued at $157,000 after purchasing an additional 5,940 shares during the last quarter. Institutional investors own 72.92% of the company’s stock.

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.