Cognyte Software (NASDAQ:CGNT) Hits New 1-Year High After Earnings Beat

Cognyte Software Ltd. (NASDAQ:CGNT) reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $8.70 and last traded at $7.60, with a volume of 248839 shares traded. The stock had previously closed at $8.01.

The medical device company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. Cognyte Software had a negative return on equity of 12.06% and a negative net margin of 4.97%. The company had revenue of $82.70 million for the quarter, compared to analysts’ expectations of $82.05 million. During the same period last year, the firm earned ($0.25) earnings per share. Cognyte Software’s quarterly revenue was up 12.7% on a year-over-year basis.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Evercore ISI lifted their target price on Cognyte Software from $5.00 to $7.50 and gave the stock an “in-line” rating in a research report on Wednesday, April 10th. StockNews.com cut Cognyte Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 13th. Wedbush boosted their price target on Cognyte Software from $5.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a research report on Tuesday.

Hedge Funds Weigh In On Cognyte Software

Several institutional investors have recently added to or reduced their stakes in CGNT. G2 Investment Partners Management LLC boosted its holdings in 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 purchasing an additional 966,163 shares in the last quarter. Citigroup Inc. boosted its holdings in Cognyte Software by 3.0% in the 3rd quarter. Citigroup Inc. now owns 138,749 shares of the medical device company’s stock valued at $667,000 after purchasing an additional 3,993 shares in the last quarter. Legato Capital Management LLC purchased a new stake in Cognyte Software in the 4th quarter valued at approximately $864,000. Acadian Asset Management LLC boosted its holdings in Cognyte Software by 203.6% in the 3rd quarter. Acadian Asset Management LLC now owns 1,578,537 shares of the medical device company’s stock valued at $7,577,000 after purchasing an additional 1,058,675 shares in the last quarter. Finally, Jump Financial LLC boosted its holdings in Cognyte Software by 52.9% in the 4th quarter. Jump Financial LLC now owns 50,200 shares of the medical device company’s stock valued at $323,000 after purchasing an additional 17,363 shares in the last quarter. Institutional investors and hedge funds own 72.92% of the company’s stock.

Cognyte Software Trading Down 5.1 %

The stock has a fifty day simple moving average of $7.38 and a two-hundred day simple moving average of $7.10. The company has a market cap of $539.75 million, a PE ratio of -33.04 and a beta of 1.74.

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.