Cognyte Software (NASDAQ:CGNT) Reaches New 52-Week High – Here’s What Happened

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) hit a new 52-week high on Monday . The company traded as high as $9.14 and last traded at $9.14, with a volume of 224931 shares. The stock had previously closed at $8.75.

Analysts Set New Price Targets

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

Cognyte Software Stock Performance

The firm has a market capitalization of $618.29 million, a P/E ratio of -45.26 and a beta of 1.81. The business has a 50 day simple moving average of $7.51 and a two-hundred day simple moving average of $7.40.

Cognyte Software declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 12th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to buy up to 3.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Scalar Gauge Management LLC raised its stake in shares of Cognyte Software by 30.8% in the second quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after purchasing an additional 100,000 shares during the last quarter. Edenbrook Capital LLC increased its position in Cognyte Software by 3.4% during the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock valued at $42,663,000 after acquiring an additional 207,675 shares during the last quarter. American Capital Management Inc. increased its position in Cognyte Software by 8.5% during the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock valued at $43,475,000 after acquiring an additional 502,781 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in Cognyte Software by 34.4% during the third 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. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Cognyte Software during the second quarter valued at about $586,000. Hedge funds and other institutional investors 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.