Cognyte Software (NASDAQ:CGNT) Stock Rating Lowered by StockNews.com

Cognyte Software (NASDAQ:CGNT) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued on Friday.

Separately, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

Cognyte Software Price Performance

Shares of NASDAQ CGNT traded down $0.31 during mid-day trading on Friday, hitting $7.82. The company had a trading volume of 240,184 shares, compared to its average volume of 310,189. Cognyte Software has a 12 month low of $4.41 and a 12 month high of $8.70. The firm has a market cap of $562.21 million, a P/E ratio of -111.71 and a beta of 1.72. The business’s 50-day simple moving average is $6.84 and its 200-day simple moving average is $7.29.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The company had revenue of $84.40 million during the quarter, compared to analysts’ expectations of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.11) EPS. As a group, sell-side analysts predict that Cognyte Software will post -0.28 EPS for the current year.

Cognyte Software announced that its board has authorized a stock buyback program on Tuesday, November 12th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the medical device company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were 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 directly owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. This trade represents a 6.88 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 stock was bought at an average price of $6.30 per share, with a total value of $2,621,052.00. Following the transaction, the insider now directly owns 9,020,184 shares in the company, valued at $56,827,159.20. The trade was a 4.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 62.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Cognyte Software

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Capital Management Inc. grew its position in shares of Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the medical device company’s stock worth $43,475,000 after buying an additional 502,781 shares during the period. Edenbrook Capital LLC lifted its stake in shares of Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the medical device company’s stock valued at $42,663,000 after purchasing an additional 207,675 shares during the period. Acadian Asset Management LLC boosted its position in shares of Cognyte Software by 13.3% in the 2nd quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the medical device company’s stock worth $19,928,000 after purchasing an additional 306,479 shares during the last quarter. Scalar Gauge Management LLC increased its holdings in Cognyte Software by 3.5% in the third quarter. Scalar Gauge Management LLC now owns 440,032 shares of the medical device company’s stock valued at $2,988,000 after purchasing an additional 15,000 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Cognyte Software in the third quarter valued at about $1,101,000. 72.92% of the stock is currently owned by institutional investors and hedge funds.

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.