Cognyte Software (NASDAQ:CGNT) Upgraded to “Strong-Buy” at StockNews.com

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

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

Cognyte Software Trading Down 1.7 %

Shares of NASDAQ:CGNT traded down $0.15 during midday trading on Tuesday, hitting $8.62. The company had a trading volume of 400,745 shares, compared to its average volume of 307,604. The firm has a fifty day simple moving average of $7.23 and a 200 day simple moving average of $7.34. The stock has a market cap of $619.69 million, a price-to-earnings ratio of -123.13 and a beta of 1.81. Cognyte Software has a 12 month low of $5.12 and a 12 month high of $9.12.

Cognyte Software (NASDAQ:CGNT) last posted its earnings results on Tuesday, September 10th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $84.40 million during the quarter, compared to analyst estimates of $83.69 million. During the same period in the previous year, the company earned ($0.11) EPS. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities analysts forecast that Cognyte Software will post -0.28 EPS for the current fiscal year.

Cognyte Software announced that its Board of Directors has approved a share repurchase program on Tuesday, November 12th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Cognyte Software 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 price of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the transaction, the insider now owns 8,604,144 shares in the company, valued at approximately $54,292,148.64. This trade represents a 6.88 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Topline Capital Management, Ll purchased 416,040 shares of the stock in a transaction on Thursday, September 12th. The stock was acquired at an average price 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 in the company, 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.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CGNT. DT Investment Partners LLC bought a new position in shares of Cognyte Software in the 2nd quarter valued at about $62,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in Cognyte Software during the second quarter worth approximately $586,000. Signaturefd LLC raised its stake in Cognyte Software by 91.4% in the second quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock valued at $25,000 after buying an additional 1,581 shares during the period. Legacy Advisors LLC lifted its position in shares of Cognyte Software by 1.4% in the second quarter. Legacy Advisors LLC now owns 143,790 shares of the company’s stock valued at $1,099,000 after buying an additional 2,041 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of Cognyte Software during the 2nd quarter worth approximately $28,000. 72.92% of the stock is owned by institutional investors and hedge funds.

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.