Cognyte Software (NASDAQ:CGNT) Board of Directors Announces Stock Buyback Program

Cognyte Software (NASDAQ:CGNT) announced that its Board of Directors has approved a stock repurchase program on Tuesday, November 12th, RTT News reports. The company plans to buyback $20.00 million in outstanding shares. This buyback authorization allows the medical device company to repurchase up to 3.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Cognyte Software Stock Up 5.2 %

Cognyte Software stock traded up $0.37 during mid-day trading on Tuesday, hitting $7.48. 419,726 shares of the company’s stock were exchanged, compared to its average volume of 311,879. Cognyte Software has a fifty-two week low of $4.01 and a fifty-two week high of $8.70. The firm has a market capitalization of $537.74 million, a P/E ratio of -106.84 and a beta of 1.72. The company’s 50 day simple moving average is $6.78 and its 200-day simple moving average is $7.27.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $84.40 million during the quarter, compared to analyst estimates of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. Cognyte Software’s revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.11) EPS. Research analysts expect that Cognyte Software will post -0.28 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CGNT shares. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th. StockNews.com raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 23rd.

Insider Buying and Selling at Cognyte Software

In other Cognyte Software news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the stock in a transaction on Wednesday, September 11th. The shares were purchased at an average price of $6.31 per share, with a total value of $3,493,159.21. Following the acquisition, the insider now directly owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was purchased at an average price of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the purchase, the insider now directly owns 8,604,144 shares in the company, valued at approximately $54,292,148.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Topline Capital Management, Ll acquired 416,040 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 62.70% of the stock is currently owned by insiders.

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.