Cognyte Software (NASDAQ:CGNT) to Repurchase $20.00 million in Shares

Cognyte Software (NASDAQ:CGNT) declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 12th, RTT News reports. The company plans to repurchase $20.00 million in shares. This repurchase authorization authorizes the medical device company to buy up to 3.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Cognyte Software Stock Performance

Cognyte Software stock opened at $7.48 on Wednesday. Cognyte Software has a fifty-two week low of $4.01 and a fifty-two week high of $8.70. The stock has a market cap of $537.74 million, a P/E ratio of -106.84 and a beta of 1.72. The firm’s fifty day moving average price is $6.78 and its 200-day moving average price is $7.27.

Cognyte Software (NASDAQ:CGNT) last posted its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The firm 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 company’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.11) EPS. On average, analysts predict that Cognyte Software will post -0.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Cognyte Software

In related news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were acquired at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the purchase, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other Cognyte Software news, insider Topline Capital Management, Ll bought 416,040 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was bought at an average price of $6.30 per share, for a total transaction of $2,621,052.00. Following the completion of the acquisition, the insider now directly owns 9,020,184 shares in the company, valued at $56,827,159.20. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Topline Capital Partners, Lp acquired 553,591 shares of Cognyte Software stock in a transaction on Wednesday, September 11th. The shares were bought at an average cost of $6.31 per share, for a total transaction of $3,493,159.21. Following the completion of the transaction, the insider now 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 disclosure for this purchase can be found here. Company insiders own 62.70% 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.