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

Cognyte Software Ltd. (NASDAQ:CGNT)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $9.69 and last traded at $9.49, with a volume of 216940 shares traded. The stock had previously closed at $8.79.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CGNT shares. 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 reaffirmed a “hold” rating on shares of Cognyte Software in a research note on Thursday, December 12th.

Cognyte Software Stock Up 6.5 %

The firm has a market capitalization of $672.93 million, a P/E ratio of -49.26 and a beta of 1.76. The business’s 50 day moving average is $8.27 and its 200-day moving average is $7.53.

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

Institutional Trading of Cognyte Software

Several large investors have recently bought and sold shares of CGNT. Scalar Gauge Management LLC lifted its holdings in shares of Cognyte Software by 30.8% in the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after acquiring an additional 100,000 shares during the last quarter. American Capital Management Inc. increased its position in Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock worth $43,475,000 after purchasing an additional 502,781 shares in the last quarter. Edenbrook Capital LLC lifted its stake in Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock valued at $42,663,000 after purchasing an additional 207,675 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake 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 company’s stock valued at $157,000 after purchasing an additional 5,940 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Cognyte Software in the third quarter valued at approximately $1,101,000. 72.92% of the stock is owned by institutional investors and hedge funds.

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.