Cognyte Software’s (CGNT) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Cognyte Software (NASDAQ:CGNT) in a research note issued to investors on Thursday morning,Benzinga reports.

Separately, StockNews.com raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, December 10th.

Cognyte Software Stock Down 2.5 %

Shares of CGNT stock opened at $8.75 on Thursday. Cognyte Software has a fifty-two week low of $5.44 and a fifty-two week high of $9.12. The firm’s 50 day moving average price is $7.35 and its two-hundred day moving average price is $7.37. The stock has a market cap of $629.04 million, a price-to-earnings ratio of -46.05 and a beta of 1.81.

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

Institutional Trading of Cognyte Software

A number of hedge funds have recently made changes to their positions in CGNT. Signaturefd LLC grew its holdings in Cognyte Software by 91.4% during the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock valued at $25,000 after purchasing an additional 1,581 shares in the last quarter. nVerses Capital LLC purchased a new position in Cognyte Software in the 2nd quarter valued at about $28,000. DT Investment Partners LLC acquired a new stake in shares of Cognyte Software during the second quarter valued at about $62,000. Magnetar Financial LLC acquired a new stake in shares of Cognyte Software during the second quarter valued at about $117,000. Finally, State of New Jersey Common Pension Fund D increased its position 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 company’s stock worth $157,000 after acquiring an additional 5,940 shares during the last quarter. Hedge funds and other 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.