Cognyte Software (NASDAQ:CGNT) Stock Crosses Above 200 Day Moving Average – What’s Next?

Cognyte Software Ltd. (NASDAQ:CGNT)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $7.52 and traded as high as $8.77. Cognyte Software shares last traded at $8.72, with a volume of 184,005 shares traded.

Analysts Set New Price Targets

A number of brokerages have commented on CGNT. StockNews.com lowered Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th.

Cognyte Software Stock Down 0.9 %

The company’s fifty day moving average is $8.19 and its two-hundred day moving average is $7.52. The firm has a market capitalization of $626.92 million, a price-to-earnings ratio of -45.89 and a beta of 1.76.

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 shares. This buyback authorization authorizes the company to repurchase up to 3.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cognyte Software

A number of hedge funds have recently modified their holdings of CGNT. American Capital Management Inc. raised its holdings 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 purchasing an additional 502,781 shares during the period. Edenbrook Capital LLC raised its stake in Cognyte Software by 3.4% during the 3rd 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. Public Employees Retirement System of Ohio bought a new position in Cognyte Software during the third quarter worth about $1,101,000. Scalar Gauge Management LLC grew its stake in Cognyte Software by 30.8% in the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock valued at $3,247,000 after acquiring an additional 100,000 shares during the period. Finally, Angeles Wealth Management LLC bought a new stake in shares of Cognyte Software in the third quarter worth about $437,000. 72.92% of the stock is currently 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.