Cognyte Software (NASDAQ:CGNT) Trading Up 8.4% – Should You Buy?

Cognyte Software Ltd. (NASDAQ:CGNT)’s stock price shot up 8.4% during mid-day 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.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CGNT. StockNews.com cut Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

Cognyte Software Trading Down 3.8 %

The business has a fifty day moving average price of $6.84 and a 200 day moving average price of $7.29.

Cognyte Software (NASDAQ:CGNT) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.11) earnings per share. Research analysts expect that Cognyte Software Ltd. will post -0.28 earnings per share for the current fiscal year.

Cognyte Software announced that its board has authorized a stock buyback program on Tuesday, November 12th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the medical device company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at Cognyte Software

In other news, insider Topline Capital Management, Ll bought 416,040 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was acquired at an average price 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 $56,827,159.20. This trade represents a 4.84 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction on Wednesday, September 11th. The shares were purchased at an average price of $6.31 per share, with a total value of $3,493,159.21. Following the acquisition, the insider now owns 8,604,144 shares in the company, valued at approximately $54,292,148.64. The trade was a 6.88 % increase in their position. The disclosure for this purchase can be found here. 62.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cognyte Software

Several large investors have recently added to or reduced their stakes in CGNT. Sei Investments Co. raised its holdings in shares of Cognyte Software by 25.6% during the first quarter. Sei Investments Co. now owns 129,122 shares of the medical device company’s stock valued at $1,068,000 after purchasing an additional 26,341 shares during the period. Quadrature Capital Ltd raised its stake in Cognyte Software by 111.0% during the 1st quarter. Quadrature Capital Ltd now owns 47,174 shares of the medical device company’s stock worth $391,000 after buying an additional 24,820 shares during the period. Tidal Investments LLC bought a new position in Cognyte Software in the first quarter worth approximately $515,000. Silverberg Bernstein Capital Management LLC boosted its holdings in 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. Finally, DT Investment Partners LLC acquired a new stake in Cognyte Software in the second quarter valued at approximately $62,000. 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.