Cognyte Software (NASDAQ:CGNT) Shares Down 3.8% – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT) fell 3.8% during trading on Friday . The company traded as low as $7.81 and last traded at $7.82. 113,372 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 309,630 shares. The stock had previously closed at $8.13.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CGNT. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th. StockNews.com raised Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 23rd.

Cognyte Software Price Performance

The firm has a fifty day simple moving average of $6.82 and a two-hundred day simple moving average of $7.28. The firm has a market capitalization of $557.18 million, a P/E ratio of -116.23 and a beta of 1.72.

Cognyte Software (NASDAQ:CGNT) last posted its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) 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 business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.11) earnings per share. On average, research analysts anticipate that Cognyte Software Ltd. will post -0.28 EPS for the current year.

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

Insiders Place Their Bets

In other news, insider Topline Capital Management, Ll purchased 416,040 shares of the stock in a transaction on Thursday, September 12th. The shares were acquired at an average price of $6.30 per share, for a total transaction of $2,621,052.00. Following the completion of the transaction, the insider now directly owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This trade represents a 4.84 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction on Wednesday, September 11th. The shares were purchased at an average price of $6.31 per share, for a total transaction of $3,493,159.21. Following the transaction, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. This represents a 6.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 62.70% of the company’s stock.

Hedge Funds Weigh In On Cognyte Software

Several large investors have recently made changes to their positions in CGNT. Sei Investments Co. grew its position in shares of Cognyte Software by 25.6% during the 1st quarter. Sei Investments Co. now owns 129,122 shares of the medical device company’s stock valued at $1,068,000 after acquiring an additional 26,341 shares during the period. Covestor Ltd bought a new position in shares of Cognyte Software during the first quarter valued at approximately $73,000. Quadrature Capital Ltd lifted its position in Cognyte Software by 111.0% during the first quarter. Quadrature Capital Ltd now owns 47,174 shares of the medical device company’s stock valued at $391,000 after acquiring an additional 24,820 shares during the last quarter. Tidal Investments LLC purchased a new stake in Cognyte Software during the first quarter valued at approximately $515,000. Finally, Silverberg Bernstein Capital Management LLC lifted its position in Cognyte Software by 7.7% during the second quarter. Silverberg Bernstein Capital Management LLC now owns 98,300 shares of the medical device company’s stock valued at $751,000 after acquiring an additional 7,000 shares during the last quarter. 72.92% of the stock is currently owned by hedge funds and other institutional investors.

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.