StockNews.com downgraded shares of Cognyte Software (NASDAQ:CGNT – Free Report) from a strong buy rating to a buy rating in a research note issued to investors Friday morning.
Additionally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10.
Read our latest research report on Cognyte Software
Cognyte software drops 3.8%
Shares of CGNT opened at $7.82 on Friday. The company has a market cap of $562.18 million, a price-to-earnings ratio of -111.70 and a beta of 1.72. Cognyte Software has a 12-month low of $4.41 and a 12-month high of $8.70. The stock’s 50-day moving average price is $6.84 and its two-hundred-day moving average price is $7.28.
Cognyte Software (NASDAQ:CGNT – Get Free Report) last reported its quarterly earnings data on Tuesday, September 10. The medical device company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.07. The company had revenue of $84.40 million for the quarter, compared to the consensus estimate of $83.69 million. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The company’s revenue increased by 9.5% compared to the same quarter last year. During the same period last year, the company earned ($0.11) earnings per share. Equities research analysts predict that Cognyte Software will post -0.28 earnings per share for the current fiscal year.
Cognyte Software announced that its Board of Directors on Tuesday, November 12, approved a stock repurchase plan that will allow the company to repurchase $20.00 million in shares. This repurchase authorization allows the medical device company to buy back up to 3.7% of its shares through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes the stock is undervalued.
Insider activity at Cognyte Software
In related news, insider Topline Capital Management, Ll acquired 416,040 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were purchased at an average cost of $6.30 per share, for a total value of $2,621,052.00. Following the acquisition, the insider now owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This trade represents a 4.84% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Topline Capital Partners, Lp acquired 553,591 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were purchased at an average cost of $6.31 per share, for a total value of $3,493,159.21. Following the completion of the acquisition, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. This represents an increase of 6.88% in their position. The explanation for this purchase can be found here. 62.70% of the shares are currently owned by industry insiders.
Institutional trading in Cognyte software
Hedge funds and other institutional investors have recently increased or decreased their stakes in the stock. Public Employees Retirement System of Ohio bought a new position in shares of Cognyte Software in the third quarter worth approximately $1,101,000. XTX Topco Ltd bought a new position in shares of Cognyte Software in the third quarter worth approximately $169,000. Centiva Capital LP bought a new position in shares of Cognyte Software in the third quarter worth approximately $172,000. Atom Investors LP increased its stake in shares of Cognyte Software by 100.3% in the third quarter. Atom Investors LP now owns 104,470 shares of the medical device company’s stock worth $709,000 after purchasing an additional 52,310 shares last quarter. Finally, American Capital Management Inc. its stake in Cognyte Software shares increased by 8.5% in the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the medical device company’s stock worth $43,475,000 after purchasing an additional 502,781 shares in the last quarter. 72.92% of the shares are held by institutional investors.
Cognyte Software Company Profile
(Get a free report)
Cognyte Software Ltd. provides research analysis software to governments and corporations worldwide. It is Actionable Intelligence for a Safer World, an open software designed to help governments and companies accelerate and improve the effectiveness of investigations. The company offers network intelligence analytics, threat intelligence analytics, decision intelligence analytics and operational intelligence analytics solutions.
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