Cognyte Software (NASDAQ:CGNT) Share Price Crosses Above 200-Day Moving Average – Should You Sell?

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $7.52 and traded as high as $8.77. Cognyte Software shares last traded at $8.72, with a volume of 184,005 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CGNT. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th. StockNews.com downgraded shares of Cognyte Software from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th.

Cognyte Software Stock Down 0.9 %

The firm’s 50 day simple moving average is $8.19 and its 200-day simple moving average is $7.52. The company has a market capitalization of $626.92 million, a PE ratio of -45.89 and a beta of 1.76.

Cognyte Software declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 12th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Magnetar Financial LLC acquired a new stake in Cognyte Software in the second quarter valued at $117,000. State of New Jersey Common Pension Fund D raised its holdings in Cognyte Software by 34.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock valued at $157,000 after acquiring an additional 5,940 shares in the last quarter. XTX Topco Ltd acquired a new stake in Cognyte Software in the third quarter valued at $169,000. Centiva Capital LP acquired a new stake in Cognyte Software in the third quarter valued at $172,000. Finally, Tidal Investments LLC raised its holdings in Cognyte Software by 4.6% in the third quarter. Tidal Investments LLC now owns 59,902 shares of the company’s stock valued at $407,000 after acquiring an additional 2,648 shares in the last quarter. 72.92% of the stock is currently owned by hedge funds and other institutional investors.

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.