Cognyte Software (NASDAQ:CGNT) Stock Price Down 3.8% – Here’s Why

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price traded down 3.8% during trading on Friday . The company traded as low as $7.81 and last traded at $7.82. 113,372 shares were traded during mid-day trading, a decline of 63% from the average session volume of 309,630 shares. The stock had previously closed at $8.13.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CGNT shares. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th. StockNews.com downgraded shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a research note on Friday.

Cognyte Software Stock Performance

The firm has a fifty day moving average of $6.84 and a 200 day moving average of $7.28. The firm has a market capitalization of $562.18 million, a PE ratio of -111.70 and a beta of 1.72.

Cognyte Software (NASDAQ:CGNT) last posted 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 for the quarter, compared to analyst estimates 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 quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) earnings per share. Research analysts forecast that Cognyte Software Ltd. will post -0.28 earnings per share for the current fiscal year.

Cognyte Software announced that its Board of Directors has authorized a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Cognyte Software

In related news, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average price of $6.31 per share, for a total transaction of $3,493,159.21. Following the purchase, the insider now owns 8,604,144 shares in the company, valued at $54,292,148.64. This trade represents a 6.88 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Topline Capital Management, Ll purchased 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 transaction, 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. Corporate insiders own 62.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Signaturefd LLC lifted its stake in Cognyte Software by 91.4% during the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock worth $25,000 after purchasing an additional 1,581 shares during the last quarter. nVerses Capital LLC bought a new stake in Cognyte Software during the second quarter valued at $28,000. DT Investment Partners LLC acquired a new stake in shares of Cognyte Software during the second quarter worth $62,000. Magnetar Financial LLC bought a new position in shares of Cognyte Software in the 2nd quarter worth about $117,000. Finally, State of New Jersey Common Pension Fund D boosted its holdings in shares of Cognyte Software by 34.4% in 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 buying an additional 5,940 shares during the period. Institutional investors and hedge funds own 72.92% of the company’s stock.

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.