Cognyte Software (NASDAQ:CGNT) Reaches New 52-Week High – Time to Buy?

Cognyte Software Ltd. (NASDAQ:CGNT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $9.69 and last traded at $9.49, with a volume of 216940 shares. The stock had previously closed at $8.79.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research note on Thursday, December 12th. StockNews.com lowered Cognyte Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th.

Cognyte Software Price Performance

The stock has a fifty day moving average price of $8.38 and a two-hundred day moving average price of $7.56. The company has a market cap of $703.08 million, a P/E ratio of -51.47 and a beta of 1.76.

Cognyte Software declared that its board has authorized a share buyback plan on Tuesday, November 12th that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Cognyte Software

A number of hedge funds have recently bought and sold shares of CGNT. Magnetar Financial LLC bought a new stake in Cognyte Software during the second quarter worth $117,000. Scalar Gauge Management LLC lifted its holdings in Cognyte Software by 30.8% during the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after acquiring an additional 100,000 shares during the period. Silverberg Bernstein Capital Management LLC lifted its holdings in Cognyte Software by 2.0% during the third quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the company’s stock worth $681,000 after acquiring an additional 2,000 shares during the period. Angeles Wealth Management LLC bought a new stake in Cognyte Software during the third quarter worth $437,000. Finally, State of New Jersey Common Pension Fund D lifted its holdings in Cognyte Software by 34.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock worth $157,000 after acquiring an additional 5,940 shares during the period. 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.