Cognyte Software (NASDAQ:CGNT) Reaches New 12-Month High – Still a Buy?

Cognyte Software Ltd. (NASDAQ:CGNT)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $8.75 and last traded at $8.69, with a volume of 22557 shares trading hands. The stock had previously closed at $8.51.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com downgraded shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th.

Cognyte Software Trading Up 2.1 %

The business has a 50 day moving average of $7.07 and a 200-day moving average of $7.31. The firm has a market capitalization of $629.04 million, a P/E ratio of -128.70 and a beta of 1.81.

Cognyte Software (NASDAQ:CGNT) last posted its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $84.40 million during the quarter, compared to analysts’ expectations of $83.69 million. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. Cognyte Software’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.11) EPS. On average, analysts anticipate that Cognyte Software Ltd. will post -0.28 EPS for the current fiscal year.

Cognyte Software declared that its Board of Directors has authorized a stock repurchase program on Tuesday, November 12th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the medical device 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 leadership believes its shares are undervalued.

Insider Transactions at Cognyte Software

In other news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was acquired at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the purchase, the insider now owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. This represents a 6.88 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Topline Capital Management, Ll bought 416,040 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average cost of $6.30 per share, with a total value 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 $56,827,159.20. This represents a 4.84 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 62.70% of the company’s stock.

Hedge Funds Weigh In On Cognyte Software

Hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC lifted its holdings in Cognyte Software by 91.4% during the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock valued at $25,000 after purchasing an additional 1,581 shares during the last quarter. nVerses Capital LLC acquired a new stake in Cognyte Software during the 2nd quarter valued at $28,000. DT Investment Partners LLC acquired a new stake in Cognyte Software during the 2nd quarter valued at $62,000. Magnetar Financial LLC acquired a new stake in Cognyte Software during the 2nd quarter valued at $117,000. Finally, State of New Jersey Common Pension Fund D lifted its holdings in 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 during the last quarter. 72.92% of the stock is owned by institutional investors.

Cognyte Software Company 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.