Cognyte Software (NASDAQ:CGNT) Stock Price Down 5.6% – Here’s Why

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) dropped 5.6% during trading on Wednesday . The stock traded as low as $8.00 and last traded at $8.14. Approximately 268,332 shares changed hands during trading, a decline of 13% from the average daily volume of 307,329 shares. The stock had previously closed at $8.62.

Analyst Ratings Changes

Several brokerages have issued reports on CGNT. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a report on Thursday. StockNews.com upgraded shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Tuesday.

Cognyte Software Trading Down 2.6 %

The company’s 50 day simple moving average is $7.31 and its 200-day simple moving average is $7.36. The firm has a market cap of $628.32 million, a P/E ratio of -47.21 and a beta of 1.81.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings data on Tuesday, September 10th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. Cognyte Software had a negative net margin of 3.95% and a negative return on equity of 13.38%. The company had revenue of $84.40 million for the quarter, compared to the consensus estimate of $83.69 million. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Cognyte Software Ltd. will post -0.28 earnings per share for the current year.

Cognyte Software announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 12th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the company to purchase up to 3.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Scalar Gauge Management LLC increased its stake in shares of Cognyte Software by 30.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after purchasing an additional 100,000 shares in the last quarter. American Capital Management Inc. increased its position in Cognyte Software by 8.5% in the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock worth $43,475,000 after buying an additional 502,781 shares in the last quarter. Edenbrook Capital LLC raised its stake in shares of Cognyte Software by 3.4% in the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock worth $42,663,000 after buying an additional 207,675 shares during the period. State of New Jersey Common Pension Fund D lifted 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 company’s stock valued at $157,000 after buying an additional 5,940 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Cognyte Software during the 2nd quarter valued at approximately $586,000. 72.92% of the stock is currently 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.