Cognyte Software (NASDAQ:CGNT) Stock Price Up 8.4% – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT) traded up 8.4% on Thursday . The company traded as high as $8.24 and last traded at $8.09. 525,712 shares were traded during mid-day trading, an increase of 70% from the average session volume of 309,976 shares. The stock had previously closed at $7.46.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CGNT. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th. StockNews.com raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 23rd.

Cognyte Software Trading Up 9.1 %

The firm has a market capitalization of $584.91 million, a price-to-earnings ratio of -116.55 and a beta of 1.72. The business has a 50-day moving average price of $6.79 and a two-hundred day moving average price of $7.28.

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

Cognyte Software declared that its board has approved a stock buyback plan on Tuesday, November 12th that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the medical device company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Cognyte Software

In related 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 bought at an average price of $6.31 per share, for a total transaction of $3,493,159.21. Following 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Topline Capital Management, Ll bought 416,040 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was bought at an average price of $6.30 per share, for a total transaction of $2,621,052.00. Following the completion of the acquisition, the insider now directly owns 9,020,184 shares in the company, 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. Company insiders own 62.70% of the company’s stock.

Institutional Investors Weigh In On Cognyte Software

Hedge funds have recently modified their holdings of the stock. American Capital Management Inc. increased its stake in Cognyte Software by 8.5% in the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the medical device company’s stock worth $43,475,000 after purchasing an additional 502,781 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Cognyte Software by 13.3% during the second quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the medical device company’s stock valued at $19,928,000 after acquiring an additional 306,479 shares during the period. Edenbrook Capital LLC lifted its position in shares of Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the medical device company’s stock valued at $42,663,000 after acquiring an additional 207,675 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Cognyte Software in the 3rd quarter worth approximately $1,101,000. Finally, Scalar Gauge Management LLC grew its position in Cognyte Software by 30.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the medical device company’s stock worth $3,247,000 after purchasing an additional 100,000 shares in the last quarter. 72.92% of the stock is owned by hedge funds and other 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.