Cognyte Software Ltd. (NASDAQ:CGNT) Sees Significant Decrease in Short Interest

Cognyte Software Ltd. (NASDAQ:CGNT) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 583,700 shares, a decline of 8.2% from the October 31st total of 635,500 shares. Approximately 1.0% of the company’s shares are short sold. Based on an average trading volume of 271,400 shares, the short-interest ratio is presently 2.2 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th. StockNews.com lowered Cognyte Software from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 22nd.

Insider Buying and Selling at Cognyte Software

In related news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average cost of $6.31 per share, for a total transaction 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. This trade represents a 6.88 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Topline Capital Management, Ll acquired 416,040 shares of Cognyte Software stock in a transaction on Thursday, September 12th. The shares were bought at an average price of $6.30 per share, for a total transaction of $2,621,052.00. Following the purchase, the insider now 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.

Institutional Trading of Cognyte Software

A number of institutional investors and hedge funds have recently made changes to their positions in CGNT. Signaturefd LLC lifted its holdings in Cognyte Software by 91.4% in the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock worth $25,000 after purchasing an additional 1,581 shares during the period. Silverberg Bernstein Capital Management LLC boosted its position in Cognyte Software by 2.0% during the 3rd quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the medical device company’s stock worth $681,000 after acquiring an additional 2,000 shares during the period. Legacy Advisors LLC grew its position in Cognyte Software by 1.4% during the second quarter. Legacy Advisors LLC now owns 143,790 shares of the medical device company’s stock valued at $1,099,000 after purchasing an additional 2,041 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Cognyte Software by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 59,902 shares of the medical device company’s stock valued at $407,000 after acquiring an additional 2,648 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in Cognyte Software in the second quarter valued at about $28,000. 72.92% of the stock is currently owned by institutional investors and hedge funds.

Cognyte Software Stock Up 0.7 %

Shares of CGNT traded up $0.06 during mid-day trading on Wednesday, hitting $8.57. The stock had a trading volume of 46,310 shares, compared to its average volume of 306,533. The company has a market cap of $616.13 million, a PE ratio of -121.57 and a beta of 1.81. Cognyte Software has a fifty-two week low of $5.12 and a fifty-two week high of $8.79. The company’s fifty day simple moving average is $7.00 and its two-hundred day simple moving average is $7.30.

Cognyte Software (NASDAQ:CGNT) last released its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, beating 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 firm had revenue of $84.40 million during the quarter, compared to analyst estimates of $83.69 million. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities analysts expect that Cognyte Software will post -0.28 earnings per share for the current 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 shares. This buyback authorization authorizes the medical device company to purchase up to 3.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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.