Cognyte Software (NASDAQ:CGNT) Rating Lowered to Buy at StockNews.com

StockNews.com cut shares of Cognyte Software (NASDAQ:CGNT) from a strong-buy rating to a buy rating in a research report sent to investors on Friday morning.

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

Cognyte Software Stock Performance

Cognyte Software stock opened at $7.82 on Friday. The stock has a market cap of $562.18 million, a P/E ratio of -111.70 and a beta of 1.72. Cognyte Software has a fifty-two week low of $4.41 and a fifty-two week high of $8.70. The firm’s fifty day moving average price is $6.84 and its 200-day moving average price is $7.28.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. The firm had revenue of $84.40 million for the quarter, compared to analysts’ expectations of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. Sell-side analysts predict that Cognyte Software will post -0.28 earnings per share for the current year.

Cognyte Software declared that its board has approved a share buyback plan on Tuesday, November 12th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the medical device company to reacquire up to 3.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Cognyte Software

In other news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of Cognyte Software stock in a transaction that occurred on 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 completion of the purchase, the insider now directly owns 8,604,144 shares in the company, valued at $54,292,148.64. The trade was a 6.88 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Topline Capital Management, Ll bought 416,040 shares of Cognyte Software stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the purchase, the insider now owns 9,020,184 shares of the company’s stock, valued at $56,827,159.20. The trade was a 4.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 62.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC grew its stake in shares of Cognyte Software by 91.4% during the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock valued at $25,000 after buying an additional 1,581 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Cognyte Software during the second quarter valued at about $28,000. DT Investment Partners LLC bought a new position in shares of Cognyte Software during the second quarter valued at about $62,000. Magnetar Financial LLC bought a new position in shares of Cognyte Software during the second quarter valued at about $117,000. Finally, State of New Jersey Common Pension Fund D grew its stake in shares of Cognyte Software by 34.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the medical device company’s stock valued at $157,000 after buying an additional 5,940 shares during the last quarter. Institutional investors 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.