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

StockNews.com downgraded shares of Cognyte Software (NASDAQ:CGNT) from a strong-buy rating to a buy rating in a research report sent to investors on Wednesday morning.

A number of other analysts also recently issued reports on CGNT. Wedbush raised their target price on Cognyte Software from $8.00 to $9.00 and gave the stock a neutral rating in a research note on Thursday, June 20th. Needham & Company LLC reaffirmed a hold rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

Cognyte Software Stock Performance

Shares of CGNT stock opened at $6.94 on Wednesday. The stock’s fifty day moving average is $7.39 and its two-hundred day moving average is $7.49. The firm has a market capitalization of $498.92 million, a P/E ratio of -40.82 and a beta of 1.74. Cognyte Software has a fifty-two week low of $4.00 and a fifty-two week high of $8.70.

Cognyte Software (NASDAQ:CGNT) last issued its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The business had revenue of $84.40 million during the quarter, compared to the consensus estimate of $83.69 million. During the same period last year, the company earned ($0.11) EPS. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Cognyte Software will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other Cognyte Software news, insider Topline Capital Management, Ll acquired 416,040 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 9,020,184 shares of the company’s stock, valued at $56,827,159.20. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was bought at an average cost of $6.31 per share, for a total transaction of $3,493,159.21. Following the acquisition, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Topline Capital Management, Ll bought 416,040 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were purchased at an average price of $6.30 per share, with a total value of $2,621,052.00. Following the completion of the acquisition, the insider now directly owns 9,020,184 shares in the company, valued at $56,827,159.20. The disclosure for this purchase can be found here. Corporate insiders own 62.70% of the company’s stock.

Hedge Funds Weigh In On Cognyte Software

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its stake in shares of Cognyte Software by 13.3% in the 2nd quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the medical device company’s stock valued at $19,928,000 after buying an additional 306,479 shares during the period. G2 Investment Partners Management LLC boosted its stake in shares of Cognyte Software by 241.5% in the 4th quarter. G2 Investment Partners Management LLC now owns 1,366,163 shares of the medical device company’s stock valued at $8,784,000 after buying an additional 966,163 shares during the period. Scalar Gauge Management LLC boosted its stake in shares of Cognyte Software by 30.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock valued at $3,247,000 after buying an additional 100,000 shares during the period. Essex Investment Management Co. LLC boosted its stake in shares of Cognyte Software by 1.6% in the 1st quarter. Essex Investment Management Co. LLC now owns 339,452 shares of the medical device company’s stock valued at $2,807,000 after buying an additional 5,244 shares during the period. Finally, Trexquant Investment LP boosted its stake in shares of Cognyte Software by 43.0% in the 4th quarter. Trexquant Investment LP now owns 153,184 shares of the medical device company’s stock valued at $985,000 after buying an additional 46,073 shares during the period. 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.