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

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price shot up 8.4% during trading on Thursday . The company traded as high as $8.24 and last traded at $8.09. 525,712 shares traded hands during 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

A number of research analysts have issued reports on CGNT shares. StockNews.com upgraded shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 23rd. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

Cognyte Software Price Performance

The company has a 50-day moving average of $6.79 and a two-hundred day moving average of $7.28. The stock has a market capitalization of $584.91 million, a PE ratio of -116.55 and a beta of 1.72.

Cognyte Software (NASDAQ:CGNT) last released its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $84.40 million for the quarter, compared to analysts’ expectations of $83.69 million. During the same period last year, the company earned ($0.11) earnings per share. The company’s quarterly revenue was up 9.5% on a year-over-year basis. On average, research analysts forecast that Cognyte Software Ltd. will post -0.28 EPS for the current fiscal year.

Cognyte Software declared that its Board of Directors has authorized a stock repurchase program on Tuesday, November 12th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the medical device company to purchase up to 3.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Cognyte Software

In related news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of Cognyte Software stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average cost of $6.31 per share, with a total value 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 position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Topline Capital Management, Ll acquired 416,040 shares of the stock in a transaction on 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 directly owns 9,020,184 shares of the company’s stock, valued at $56,827,159.20. This represents 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 Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Signaturefd LLC raised its position in shares of 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 purchasing an additional 1,581 shares in the last quarter. nVerses Capital LLC acquired a new stake in Cognyte Software in the second quarter valued at $28,000. DT Investment Partners LLC bought a new position in Cognyte Software during the 2nd quarter valued at $62,000. Covestor Ltd acquired a new position in Cognyte Software during the 1st quarter worth $73,000. Finally, Magnetar Financial LLC bought a new stake in shares of Cognyte Software in the 2nd quarter worth about $117,000. Institutional investors and hedge funds own 72.92% of the company’s stock.

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.