Cognyte Software (NASDAQ:CGNT) Given "Hold" Rating at Needham & Company LLC

Cognyte Software (NASDAQ:CGNT - Get Free Report)'s stock had its "hold" rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports.

Separately, StockNews.com upgraded Cognyte Software from a "buy" rating to a "strong-buy" rating in a report on Tuesday.

Cognyte Software Trading Up 9.1 %

Shares of NASDAQ:CGNT traded up $0.75 on Thursday, hitting $8.97. The company had a trading volume of 494,129 shares, compared to its average volume of 310,021. The company has a market cap of $644.89 million, a PE ratio of -45.89 and a beta of 1.81. Cognyte Software has a 52-week low of $5.12 and a 52-week high of $9.12. The business has a 50 day moving average of $7.26 and a 200 day moving average of $7.35.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last released its earnings results on Tuesday, September 10th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.02) by $0.07. The company had revenue of $84.40 million for the quarter, compared to analyst estimates of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The firm's quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.11) EPS. As a group, equities analysts predict that Cognyte Software will post -0.28 EPS for the current year.

Cognyte Software announced that its board has approved a share repurchase program on Tuesday, November 12th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the company to purchase up to 3.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership 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 the company. American Capital Management Inc. raised its holdings in Cognyte Software by 8.5% in the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the company's stock valued at $43,475,000 after buying an additional 502,781 shares during the period. Edenbrook Capital LLC grew its stake in Cognyte Software by 3.4% during the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company's stock worth $42,663,000 after buying an additional 207,675 shares during the period. Acadian Asset Management LLC increased its position in shares of Cognyte Software by 13.3% in the second quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the company's stock worth $19,928,000 after acquiring an additional 306,479 shares in the last quarter. Scalar Gauge Management LLC raised its stake in shares of Cognyte Software by 3.5% in the 3rd quarter. Scalar Gauge Management LLC now owns 440,032 shares of the company's stock valued at $2,988,000 after acquiring an additional 15,000 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Cognyte Software during the 3rd quarter valued at $1,101,000. 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.