State of New Jersey Common Pension Fund D Grows Position in Cognyte Software Ltd. (NASDAQ:CGNT)

State of New Jersey Common Pension Fund D lifted its holdings in shares of Cognyte Software Ltd. (NASDAQ:CGNT) by 34.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,186 shares of the medical device company’s stock after purchasing an additional 5,940 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cognyte Software were worth $157,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Acadian Asset Management LLC grew its holdings in shares of Cognyte Software by 13.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the medical device company’s stock worth $19,928,000 after purchasing an additional 306,479 shares during the period. Scalar Gauge Management LLC grew its holdings in shares of Cognyte Software by 30.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock worth $3,247,000 after purchasing an additional 100,000 shares during the period. Legacy Advisors LLC grew its holdings in shares of Cognyte Software by 1.4% during the 2nd quarter. Legacy Advisors LLC now owns 143,790 shares of the medical device company’s stock worth $1,099,000 after purchasing an additional 2,041 shares during the period. Sei Investments Co. grew its holdings in shares of Cognyte Software by 25.6% during the 1st quarter. Sei Investments Co. now owns 129,122 shares of the medical device company’s stock worth $1,068,000 after purchasing an additional 26,341 shares during the period. Finally, Silverberg Bernstein Capital Management LLC grew its holdings in shares of Cognyte Software by 2.0% during the 3rd quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the medical device company’s stock worth $681,000 after purchasing an additional 2,000 shares during the period. 72.92% of the stock is currently owned by hedge funds and other institutional investors.

Cognyte Software Price Performance

Shares of Cognyte Software stock opened at $6.98 on Wednesday. The business has a 50-day moving average of $6.76 and a 200 day moving average of $7.28. The stock has a market capitalization of $501.79 million, a price-to-earnings ratio of -99.70 and a beta of 1.72. Cognyte Software Ltd. has a 12 month low of $4.28 and a 12 month high of $8.70.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.07. The business 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 business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) EPS. Equities research analysts anticipate that Cognyte Software Ltd. will post -0.28 earnings per share for the current year.

Cognyte Software announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 12th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the medical device company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Cognyte Software news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average price of $6.31 per share, with a total value of $3,493,159.21. Following the transaction, the insider now owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. The trade was a 6.88 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Topline Capital Management, Ll bought 416,040 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were acquired at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the transaction, the insider now directly owns 9,020,184 shares in the company, valued at approximately $56,827,159.20. This represents a 4.84 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CGNT. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th. StockNews.com upgraded Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 23rd.

Cognyte Software 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.