Cognyte Software (NASDAQ:CGNT) Shares Up 5.4% - Should You Buy?

Cognyte Software Ltd. (NASDAQ:CGNT - Get Free Report)'s stock price traded up 5.4% during trading on Tuesday . The company traded as high as $8.12 and last traded at $8.22. 396,881 shares were traded during mid-day trading, an increase of 44% from the average session volume of 276,212 shares. The stock had previously closed at $7.80.

Analyst Upgrades and Downgrades

Several research firms recently commented on CGNT. Needham & Company LLC reiterated a "hold" rating on shares of Cognyte Software in a research note on Wednesday. StockNews.com upgraded shares of Cognyte Software from a "hold" rating to a "buy" rating in a report on Friday.

Cognyte Software Trading Down 4.4 %

The firm has a 50-day moving average of $9.14 and a two-hundred day moving average of $8.26. The firm has a market capitalization of $661.42 million, a PE ratio of -48.42 and a beta of 1.77.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last released its quarterly earnings data on Wednesday, April 2nd. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. Cognyte Software had a negative return on equity of 13.30% and a negative net margin of 3.95%. The business had revenue of $94.51 million for the quarter, compared to analyst estimates of $93.15 million. During the same period in the previous year, the company posted ($0.23) EPS. Equities research analysts expect that Cognyte Software Ltd. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cognyte Software

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio raised its position in Cognyte Software by 3.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 168,122 shares of the company's stock valued at $1,454,000 after purchasing an additional 6,009 shares during the period. Man Group plc raised its holdings in shares of Cognyte Software by 88.3% during the 4th quarter. Man Group plc now owns 79,035 shares of the company's stock valued at $684,000 after buying an additional 37,070 shares during the period. Millennium Management LLC lifted its position in Cognyte Software by 80.8% during the 4th quarter. Millennium Management LLC now owns 456,546 shares of the company's stock worth $3,949,000 after acquiring an additional 204,099 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in Cognyte Software by 8.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 818,729 shares of the company's stock worth $7,082,000 after acquiring an additional 66,712 shares during the period. Finally, Bank of America Corp DE boosted its holdings in Cognyte Software by 149.3% in the 4th quarter. Bank of America Corp DE now owns 13,369 shares of the company's stock worth $116,000 after acquiring an additional 8,007 shares during the period. Institutional investors and hedge funds own 72.92% of the company's stock.

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.