Franklin Resources Inc. Cuts Stock Position in Cognyte Software Ltd. (NASDAQ:CGNT)

Franklin Resources Inc. cut its holdings in shares of Cognyte Software Ltd. (NASDAQ:CGNT) by 12.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,033 shares of the company’s stock after selling 2,201 shares during the quarter. Franklin Resources Inc.’s holdings in Cognyte Software were worth $104,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CGNT. Signaturefd LLC lifted its holdings in Cognyte Software by 91.4% in the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Cognyte Software in the second quarter worth $28,000. Acadian Asset Management LLC boosted its position in shares of Cognyte Software by 13.3% during the second quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the company’s stock worth $19,928,000 after acquiring an additional 306,479 shares during the last quarter. Magnetar Financial LLC purchased a new position in Cognyte Software during the second quarter valued at $117,000. Finally, Scalar Gauge Management LLC grew its stake in Cognyte Software by 30.8% during the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock valued at $3,247,000 after acquiring an additional 100,000 shares in the last quarter. Institutional investors own 72.92% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CGNT. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th. StockNews.com downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th.

Cognyte Software Stock Performance

Shares of CGNT opened at $8.63 on Friday. Cognyte Software Ltd. has a fifty-two week low of $5.44 and a fifty-two week high of $9.59. The company’s fifty day moving average is $7.92 and its 200 day moving average is $7.47. The stock has a market capitalization of $620.45 million, a PE ratio of -45.42 and a beta of 1.81.

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

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.