Cognyte Software (NASDAQ:CGNT) Upgraded to “Strong-Buy” by StockNews.com

StockNews.com upgraded shares of Cognyte Software (NASDAQ:CGNT) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday.

CGNT has been the topic of several other reports. Needham & Company LLC reaffirmed a hold rating on shares of Cognyte Software in a research note on Tuesday, September 10th. Wedbush raised their target price on shares of Cognyte Software from $8.00 to $9.00 and gave the stock a neutral rating in a research report on Thursday, June 20th.

Cognyte Software Price Performance

Shares of NASDAQ CGNT opened at $6.71 on Thursday. The firm’s 50-day moving average is $7.30 and its two-hundred day moving average is $7.46. The company has a market capitalization of $476.56 million, a PE ratio of -39.47 and a beta of 1.74. Cognyte Software has a 12-month low of $4.00 and a 12-month high of $8.70.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Cognyte Software

Several hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC raised its holdings in shares of Cognyte Software by 13.3% during 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 raised its position in shares of Cognyte Software by 241.5% during 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 acquiring an additional 966,163 shares in the last quarter. Scalar Gauge Management LLC increased its stake in Cognyte Software by 30.8% during the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock valued at $3,247,000 after purchasing an additional 100,000 shares during the last quarter. Essex Investment Management Co. LLC raised its holdings in shares of Cognyte Software by 1.6% during the first quarter. Essex Investment Management Co. LLC now owns 339,452 shares of the medical device company’s stock worth $2,807,000 after purchasing an additional 5,244 shares during the period. Finally, Trexquant Investment LP increased its position in Cognyte Software by 43.0% in the fourth quarter. Trexquant Investment LP now owns 153,184 shares of the medical device company’s stock worth $985,000 after buying an additional 46,073 shares during the period. 72.92% of the stock is owned by institutional investors and hedge funds.

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.