Cognyte Software (NASDAQ:CGNT) Stock Rating Lowered by StockNews.com

Cognyte Software (NASDAQ:CGNT) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Separately, Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th.

Cognyte Software Stock Down 3.8 %

Cognyte Software stock opened at $7.82 on Friday. Cognyte Software has a 12-month low of $4.41 and a 12-month high of $8.70. The business’s 50-day moving average price is $6.84 and its two-hundred day moving average price is $7.28. The stock has a market cap of $562.18 million, a PE ratio of -111.70 and a beta of 1.72.

Cognyte Software (NASDAQ:CGNT) last released its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $83.69 million. During the same quarter in the previous year, the business posted ($0.11) earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, analysts expect that Cognyte Software will post -0.28 earnings per share for the current year.

Cognyte Software announced that its board has authorized a stock buyback program on Tuesday, November 12th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the medical device company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Cognyte Software

In other news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was 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 $54,292,148.64. This trade represents a 6.88 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Topline Capital Management, Ll purchased 416,040 shares of the stock in a transaction on 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 acquisition, the insider now owns 9,020,184 shares in the company, valued at approximately $56,827,159.20. The trade was a 4.84 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 62.70% of the company’s stock.

Hedge Funds Weigh In On Cognyte Software

Several institutional investors have recently made changes to their positions in CGNT. American Capital Management Inc. raised its holdings in shares of Cognyte Software by 8.5% during the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the medical device company’s stock valued at $43,475,000 after purchasing an additional 502,781 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Cognyte Software by 13.3% in 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 acquiring an additional 306,479 shares during the last quarter. Edenbrook Capital LLC raised its holdings in shares of Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the medical device company’s stock worth $42,663,000 after acquiring an additional 207,675 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Cognyte Software in the 3rd quarter worth about $1,101,000. Finally, Scalar Gauge Management LLC raised its holdings in shares of Cognyte Software by 30.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock worth $3,247,000 after acquiring an additional 100,000 shares during the last quarter. 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.