Cognyte Software (NASDAQ:CGNT) Rating Increased to Strong-Buy at StockNews.com

Cognyte Software (NASDAQ:CGNT) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued on Tuesday.

Separately, Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research report on Tuesday, September 10th.

Cognyte Software Stock Performance

Shares of CGNT opened at $8.22 on Tuesday. Cognyte Software has a fifty-two week low of $5.12 and a fifty-two week high of $9.12. The company has a market capitalization of $590.94 million, a PE ratio of -117.41 and a beta of 1.81. The stock has a fifty day moving average of $7.26 and a two-hundred day moving average of $7.35.

Cognyte Software (NASDAQ:CGNT) last released its earnings results on Tuesday, September 10th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.07. The firm had revenue of $84.40 million for the quarter, compared to the consensus estimate of $83.69 million. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.11) earnings per share. As a group, equities research analysts forecast that Cognyte Software will post -0.28 earnings per share for the current fiscal year.

Cognyte Software announced that its Board of Directors has approved a stock buyback program on Tuesday, November 12th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Cognyte Software

Several hedge funds and other institutional investors have recently modified their holdings of CGNT. Signaturefd LLC increased its position in Cognyte Software by 91.4% during the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock worth $25,000 after purchasing an additional 1,581 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of Cognyte Software in the second quarter worth $28,000. DT Investment Partners LLC acquired a new stake in shares of Cognyte Software in the second quarter worth $62,000. Magnetar Financial LLC purchased a new position in shares of Cognyte Software in the 2nd quarter valued at $117,000. Finally, State of New Jersey Common Pension Fund D lifted 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 in the last quarter. 72.92% of the stock is owned by institutional investors and hedge funds.

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.