Cognyte Software (NASDAQ:CGNT) Sets New 12-Month High – Time to Buy?

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $10.00 and last traded at $9.71, with a volume of 4761 shares changing hands. The stock had previously closed at $9.66.

Wall Street Analysts Forecast Growth

CGNT has been the subject of a number of research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th. StockNews.com downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th.

Cognyte Software Stock Performance

The stock’s fifty day simple moving average is $8.57 and its 200-day simple moving average is $7.61. The stock has a market cap of $675.77 million, a P/E ratio of -49.47 and a beta of 1.76.

Cognyte Software announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 12th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Cognyte Software

Institutional investors have recently modified their holdings of the stock. Magnetar Financial LLC bought a new stake in shares of Cognyte Software during the 2nd quarter worth approximately $117,000. Silverberg Bernstein Capital Management LLC lifted its stake in Cognyte Software by 2.0% during the third quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the company’s stock worth $681,000 after purchasing an additional 2,000 shares during the last quarter. Angeles Wealth Management LLC acquired a new stake in shares of Cognyte Software in the 3rd quarter valued at $437,000. State of New Jersey Common Pension Fund D increased its stake in shares of 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, Edenbrook Capital LLC increased its stake in shares of 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. 72.92% of the stock is currently 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.