Cognyte Software (NASDAQ:CGNT) will buy back $20.00 million worth of stock

Cognyte Software (NASDAQ:CGNT – Get Free Report) announced that its board approved a share buyback program on Tuesday, November 12, RTT News reports. The company plans to repurchase $20.00 million of outstanding shares. This repurchase authorization allows the medical device company to reacquire up to 3.7% of its shares through open market purchases. Share buyback programs are often a sign that company management believes the stock is undervalued.

Cognyte Software Stock Rises 5.2%

Shares of NASDAQ CGNT opened at $7.48 on Wednesday. The company has a market cap of $537.74 million, a price-to-earnings ratio of -106.84, and a beta of 1.72. Cognyte Software has a 12-month low of $4.01 and a 12-month high of $8.70. The company has a 50-day moving average of $6.78 and a 200-day moving average of $7.27.

Cognyte Software (NASDAQ:CGNT – Get Free Report) posted its latest quarterly results on Tuesday, September 10. The medical device company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.07. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The company had revenue of $84.40 million during the quarter, compared to analyst expectations of $83.69 million. During the same quarter of the previous year, the company earned ($0.11) earnings per share. The company’s revenue rose 9.5% year over year. As a group, equity analysts expect Cognyte Software to post -0.28 earnings per share for the current fiscal year.

Wall Street analysts weigh in

A number of research analysts have issued reports on the company. StockNews.com upgraded Cognyte Software from a “buy” rating to a “strong buy” rating in a research note on Wednesday, October 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10.

Check out our latest stock analysis on Cognyte Software

Insider buying and selling at Cognyte Software

In related news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average price of $6.31 per share, for a total transaction of $3,493,159.21. Following the completion of the acquisition, the insider now owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. This trade represents a 0.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Cognyte Software news, major shareholder Topline Capital Partners, Lp acquired 553,591 shares in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $6.31 per share, for a total transaction of $3,493,159.21. Following the purchase, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. This transaction represents a 0.00% increase in their ownership of the shares. The acquisition was disclosed in a filing with the SEC, which can be accessed via this link. Also, insider Topline Capital Management, Ll acquired 416,040 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The shares were acquired at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the acquisition, the insider now owns 9,020,184 shares of the company’s stock, valued at $56,827,159.20. The trade marked a 0.00% increase in their position. The explanation for this purchase can be found here. Company insiders own 62.70% of the company’s shares.

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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