Cognyte Software (NASDAQ:CGNT) Sets New 52-Week High – Here’s Why

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $9.14 and last traded at $9.14, with a volume of 224931 shares trading hands. The stock had previously closed at $8.75.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CGNT shares. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a research report on Thursday, December 12th. StockNews.com downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Wednesday.

Cognyte Software Trading Down 7.1 %

The firm has a market cap of $618.29 million, a P/E ratio of -45.26 and a beta of 1.81. The firm has a 50-day simple moving average of $7.51 and a 200-day simple moving average of $7.40.

Cognyte Software announced that its board has authorized a share buyback program on Tuesday, November 12th that allows the company to repurchase $20.00 million in shares. This repurchase authorization allows the company to buy up to 3.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Cognyte Software

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC raised its stake in Cognyte Software by 4.6% in the 3rd quarter. Tidal Investments LLC now owns 59,902 shares of the company’s stock worth $407,000 after acquiring an additional 2,648 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Cognyte Software in the 3rd quarter worth $1,101,000. XTX Topco Ltd purchased a new position in shares of Cognyte Software during the 3rd quarter valued at about $169,000. Centiva Capital LP purchased a new position in shares of Cognyte Software during the 3rd quarter valued at about $172,000. Finally, Atom Investors LP raised its stake in shares of Cognyte Software by 100.3% during the 3rd quarter. Atom Investors LP now owns 104,470 shares of the company’s stock valued at $709,000 after buying an additional 52,310 shares during the last quarter. Hedge funds and other 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.