Cognyte Software Ltd. (NASDAQ:CGNT) Sees Significant Growth in Short Interest

Cognyte Software Ltd. (NASDAQ:CGNT) saw a significant growth in short interest during the month of May. As of May 31st, there was short interest totalling 617,200 shares, a growth of 12.2% from the May 15th total of 550,200 shares. Currently, 0.9% of the company’s shares are sold short. Based on an average daily trading volume, of 283,300 shares, the days-to-cover ratio is presently 2.2 days.

Wall Street Analyst Weigh In

CGNT has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Tuesday. StockNews.com cut shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 13th. Wedbush increased their price target on shares of Cognyte Software from $5.00 to $8.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Finally, Evercore ISI increased their price target on shares of Cognyte Software from $5.00 to $7.50 and gave the stock an “in-line” rating in a research report on Wednesday, April 10th.

Cognyte Software Stock Down 5.1 %

Cognyte Software stock traded down $0.41 during mid-day trading on Tuesday, hitting $7.60. The company had a trading volume of 888,441 shares, compared to its average volume of 366,669. The stock has a market cap of $539.75 million, a price-to-earnings ratio of -33.04 and a beta of 1.74. Cognyte Software has a 1 year low of $4.00 and a 1 year high of $8.70. The business has a fifty day moving average of $7.37 and a 200 day moving average of $7.08.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings results on Tuesday, April 9th. The medical device company reported ($0.28) EPS for the quarter. The company had revenue of $83.69 million during the quarter. Cognyte Software had a negative net margin of 4.97% and a negative return on equity of 12.06%. Equities analysts anticipate that Cognyte Software will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Cognyte Software

A number of hedge funds have recently modified their holdings of CGNT. G2 Investment Partners Management LLC lifted its holdings in shares of Cognyte Software by 241.5% during the fourth quarter. G2 Investment Partners Management LLC now owns 1,366,163 shares of the medical device company’s stock worth $8,784,000 after purchasing an additional 966,163 shares during the period. Citigroup Inc. increased its position in Cognyte Software by 3.0% during the 3rd quarter. Citigroup Inc. now owns 138,749 shares of the medical device company’s stock worth $667,000 after purchasing an additional 3,993 shares in the last quarter. Legato Capital Management LLC purchased a new stake in Cognyte Software during the 4th quarter worth about $864,000. Acadian Asset Management LLC increased its stake in shares of Cognyte Software by 203.6% during the 3rd quarter. Acadian Asset Management LLC now owns 1,578,537 shares of the medical device company’s stock valued at $7,577,000 after acquiring an additional 1,058,675 shares during the last quarter. Finally, Jump Financial LLC increased its stake in shares of Cognyte Software by 52.9% during the 4th quarter. Jump Financial LLC now owns 50,200 shares of the medical device company’s stock valued at $323,000 after acquiring an additional 17,363 shares during 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.