Cognyte Software (NASDAQ:CGNT) Shares Down 3.8% – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT) shares dropped 3.8% on Friday . The company traded as low as $7.81 and last traded at $7.82. Approximately 113,372 shares traded hands during trading, a decline of 63% from the average daily volume of 309,630 shares. The stock had previously closed at $8.13.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th. StockNews.com raised Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 23rd.

Cognyte Software Stock Performance

The company has a 50-day simple moving average of $6.82 and a 200 day simple moving average of $7.28. The company has a market capitalization of $557.18 million, a P/E ratio of -116.23 and a beta of 1.72.

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

Cognyte Software announced that its board has authorized a share repurchase 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 stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Cognyte Software

In related news, insider Topline Capital Management, Ll purchased 416,040 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was purchased at an average cost 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 $56,827,159.20. This trade represents a 4.84 % 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, major shareholder Topline Capital Partners, Lp acquired 553,591 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $54,292,148.64. The trade was a 6.88 % 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

Several hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC raised its holdings in Cognyte Software by 91.4% in the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock valued at $25,000 after acquiring an additional 1,581 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Cognyte Software in the 2nd quarter valued at $28,000. DT Investment Partners LLC bought a new position in shares of Cognyte Software in the 2nd quarter valued at $62,000. Covestor Ltd bought a new stake in Cognyte Software during the 1st quarter worth $73,000. Finally, Magnetar Financial LLC bought a new stake in Cognyte Software during the 2nd quarter worth $117,000. 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.