Cognyte Software (NASDAQ:CGNT) Shares Gap Up on Insider Buying Activity

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $6.31, but opened at $6.57. Cognyte Software shares last traded at $6.99, with a volume of 206,701 shares changing hands.

Specifically, insider Topline Capital Management, Ll acquired 416,040 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were purchased at an average price of $6.30 per share, for a total transaction of $2,621,052.00. Following the purchase, the insider now owns 9,020,184 shares in the company, valued at $56,827,159.20. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction dated Wednesday, September 11th. The shares were bought 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 in the company, valued at $54,292,148.64. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

A number of brokerages have commented on CGNT. Wedbush boosted their target price on Cognyte Software from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Thursday, June 20th. StockNews.com cut Cognyte Software from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Tuesday.

Cognyte Software Stock Up 9.8 %

The company’s 50-day simple moving average is $7.40 and its 200 day simple moving average is $7.49. The stock has a market capitalization of $498.20 million, a price-to-earnings ratio of -39.71 and a beta of 1.74.

Cognyte Software (NASDAQ:CGNT) last posted its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $84.40 million during the quarter, compared to analyst estimates of $83.69 million. During the same period in the previous 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 expect that Cognyte Software Ltd. will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CGNT. Signaturefd LLC lifted its position in shares of Cognyte Software by 91.4% during the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock worth $25,000 after purchasing an additional 1,581 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of Cognyte Software during the second quarter worth approximately $28,000. DT Investment Partners LLC acquired a new stake in shares of Cognyte Software in the second quarter worth $62,000. Covestor Ltd bought a new position in Cognyte Software during the first quarter worth $73,000. Finally, Magnetar Financial LLC bought a new position in Cognyte Software during the second quarter worth $117,000. Institutional investors and hedge funds 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.