Cognyte Software (NASDAQ:CGNT) Lowered to Buy Rating by StockNews.com

StockNews.com cut shares of Cognyte Software (NASDAQ:CGNT) from a strong-buy rating to a buy rating in a report issued on Friday.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th.

Cognyte Software Stock Performance

Shares of NASDAQ:CGNT opened at $7.82 on Friday. The firm has a 50 day simple moving average of $6.84 and a 200 day simple moving average of $7.29. Cognyte Software has a 52 week low of $4.41 and a 52 week high of $8.70.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings results 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. 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 analyst estimates of $83.69 million. During the same quarter in the prior year, the business posted ($0.11) EPS. Cognyte Software’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, analysts expect that Cognyte Software will post -0.28 earnings per share for the current fiscal year.

Cognyte Software announced that its board has initiated a stock buyback 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 repurchase up to 3.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Cognyte Software

In related news, insider Topline Capital Management, Ll purchased 416,040 shares of Cognyte Software stock in a transaction on Thursday, September 12th. The stock was purchased at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the acquisition, the insider now directly owns 9,020,184 shares in the company, valued at approximately $56,827,159.20. This trade represents a 4.84 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of Cognyte Software stock in a transaction on Wednesday, September 11th. The stock was bought at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the acquisition, the insider now owns 8,604,144 shares in the company, valued at approximately $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. Insiders own 62.70% of the company’s stock.

Hedge Funds Weigh In On Cognyte Software

A number of hedge funds and other institutional investors have recently made changes to their positions in CGNT. Public Employees Retirement System of Ohio acquired a new stake in shares of Cognyte Software during the 3rd quarter worth about $1,101,000. XTX Topco Ltd acquired a new stake in shares of Cognyte Software during the 3rd quarter worth about $169,000. Centiva Capital LP acquired a new stake in shares of Cognyte Software during the 3rd quarter worth about $172,000. Atom Investors LP increased its position in shares of Cognyte Software by 100.3% during the 3rd quarter. Atom Investors LP now owns 104,470 shares of the medical device company’s stock worth $709,000 after purchasing an additional 52,310 shares in the last quarter. Finally, American Capital Management Inc. increased its position in shares of Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the medical device company’s stock worth $43,475,000 after purchasing an additional 502,781 shares in the last quarter. 72.92% of the stock is owned by institutional investors.

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.