Needham & Company LLC Reaffirms “Hold” Rating for Cognyte Software (NASDAQ:CGNT)

Cognyte Software (NASDAQ:CGNT)‘s stock had its “hold” rating reissued by investment analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports.

Separately, StockNews.com upgraded shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Tuesday.

Cognyte Software Stock Down 2.5 %

CGNT stock opened at $8.75 on Thursday. Cognyte Software has a twelve month low of $5.44 and a twelve month high of $9.12. The business’s fifty day moving average is $7.35 and its 200-day moving average is $7.37. The company has a market cap of $629.04 million, a P/E ratio of -46.05 and a beta of 1.81.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings results on Tuesday, September 10th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The business 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 3.95% and a negative return on equity of 13.38%. Cognyte Software’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the company posted ($0.11) EPS. Research analysts anticipate that Cognyte Software will post -0.28 earnings per share for the current fiscal year.

Cognyte Software announced that its board has approved a share buyback program on Tuesday, November 12th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Cognyte Software

A number of hedge funds have recently modified their holdings of CGNT. American Capital Management Inc. raised its holdings in Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock worth $43,475,000 after buying an additional 502,781 shares during the period. 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 company’s stock worth $19,928,000 after acquiring an additional 306,479 shares during the period. Edenbrook Capital LLC raised its holdings in shares of Cognyte Software by 3.4% during the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock worth $42,663,000 after acquiring an additional 207,675 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Cognyte Software during the third quarter worth $1,101,000. Finally, Scalar Gauge Management LLC raised its stake in shares of Cognyte Software by 30.8% in the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock valued at $3,247,000 after purchasing an additional 100,000 shares during the period. 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.