Cognyte Software (NASDAQ:CGNT) Hits New 1-Year High – Time to Buy?

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $10.00 and last traded at $9.71, with a volume of 4761 shares traded. The stock had previously closed at $9.66.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CGNT. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Thursday, December 12th. StockNews.com lowered Cognyte Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th.

Cognyte Software Price Performance

The firm has a market cap of $693.31 million, a price-to-earnings ratio of -50.76 and a beta of 1.76. The business’s 50-day moving average price is $8.49 and its two-hundred day moving average price is $7.59.

Cognyte Software declared that its board has initiated a stock repurchase plan on Tuesday, November 12th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Cognyte Software

Several large investors have recently modified their holdings of the stock. Magnetar Financial LLC acquired a new position in Cognyte Software during the second quarter worth $117,000. State of New Jersey Common Pension Fund D increased its holdings in shares of Cognyte Software by 34.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock valued at $157,000 after acquiring an additional 5,940 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Cognyte Software in the 3rd quarter valued at approximately $169,000. Centiva Capital LP acquired a new stake in Cognyte Software in the 3rd quarter worth approximately $172,000. Finally, Tidal Investments LLC boosted its position in Cognyte Software by 4.6% during the third quarter. Tidal Investments LLC now owns 59,902 shares of the company’s stock worth $407,000 after purchasing an additional 2,648 shares during the period. 72.92% of the stock is owned by institutional investors.

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.