Connor Clark & Lunn Investment Management Ltd. Sells 44,455 Shares of Cognyte Software Ltd. (NASDAQ:CGNT)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in Cognyte Software Ltd. (NASDAQ:CGNT) by 5.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 831,550 shares of the medical device company’s stock after selling 44,455 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.16% of Cognyte Software worth $5,646,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Signaturefd LLC boosted its position in shares of Cognyte Software by 91.4% in the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock valued at $25,000 after acquiring an additional 1,581 shares during the period. nVerses Capital LLC bought a new stake in Cognyte Software during the 2nd quarter worth approximately $28,000. DT Investment Partners LLC purchased a new stake in Cognyte Software in the 2nd quarter worth approximately $62,000. Magnetar Financial LLC bought a new position in Cognyte Software in the 2nd quarter valued at $117,000. Finally, State of New Jersey Common Pension Fund D grew its position in shares of Cognyte Software by 34.4% during the 3rd 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 purchasing an additional 5,940 shares in the last quarter. Hedge funds and other institutional investors own 72.92% of the company’s stock.

Cognyte Software Price Performance

Shares of NASDAQ:CGNT opened at $7.82 on Friday. The company’s fifty day moving average price is $6.84 and its 200-day moving average price is $7.29. The firm has a market capitalization of $562.21 million, a price-to-earnings ratio of -111.71 and a beta of 1.72. Cognyte Software Ltd. has a one year low of $4.41 and a one year high of $8.70.

Cognyte Software (NASDAQ:CGNT) last released its earnings results on Tuesday, September 10th. The medical device company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $84.40 million for the quarter, compared to analysts’ expectations of $83.69 million. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. The firm’s revenue was up 9.5% on a year-over-year basis. As a group, equities research analysts expect that Cognyte Software Ltd. will post -0.28 EPS for the current year.

Cognyte Software declared that its board has initiated 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 medical device company to purchase up to 3.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

CGNT has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th. StockNews.com cut Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Friday.

Insider Activity at Cognyte Software

In other Cognyte Software news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $6.31 per share, for a total transaction of $3,493,159.21. Following the completion of the transaction, the insider now directly owns 8,604,144 shares in the company, valued at approximately $54,292,148.64. This represents a 6.88 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Topline Capital Management, Ll acquired 416,040 shares of Cognyte Software stock in a transaction dated Thursday, September 12th. The shares were bought at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the completion of the purchase, the insider now directly owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. The trade was a 4.84 % increase in their position. The disclosure for this purchase can be found here. 62.70% of the stock is currently owned by insiders.

Cognyte Software Profile

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.