Cognyte Software (NASDAQ:CGNT) Sets New 12-Month High – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $8.75 and last traded at $8.69, with a volume of 22557 shares traded. The stock had previously closed at $8.51.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. StockNews.com cut shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 22nd. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

Cognyte Software Price Performance

The business’s 50 day moving average price is $7.03 and its 200-day moving average price is $7.30. The firm has a market capitalization of $625.48 million, a price-to-earnings ratio of -122.43 and a beta of 1.81.

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

Cognyte Software announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 12th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the medical device company to buy up to 3.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Cognyte Software

In other news, 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 price of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the transaction, the insider now directly owns 8,604,144 shares in the company, valued at approximately $54,292,148.64. This represents a 6.88 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Topline Capital Management, Ll acquired 416,040 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was purchased at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the transaction, the insider now owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. The trade was a 4.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Hedge Funds Weigh In On Cognyte Software

A number of institutional investors have recently modified their holdings of CGNT. Tidal Investments LLC acquired a new position in Cognyte Software during the first quarter worth approximately $515,000. Silverberg Bernstein Capital Management LLC increased its position in shares of Cognyte Software by 7.7% in the second quarter. Silverberg Bernstein Capital Management LLC now owns 98,300 shares of the medical device company’s stock worth $751,000 after acquiring an additional 7,000 shares in the last quarter. DT Investment Partners LLC acquired a new stake in shares of Cognyte Software in the second quarter worth $62,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Cognyte Software in the second quarter worth $586,000. Finally, Signaturefd LLC increased its position in shares of Cognyte Software by 91.4% in the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock worth $25,000 after acquiring an additional 1,581 shares in the last quarter. Institutional investors and hedge funds own 72.92% of the company’s stock.

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.