Cognyte Software (NASDAQ:CGNT) Trading Up 5.5% - Time to Buy?

Cognyte Software Ltd. (NASDAQ:CGNT - Get Free Report) was up 5.5% during trading on Monday . The company traded as high as $9.47 and last traded at $9.42. Approximately 307,449 shares were traded during trading, an increase of 4% from the average daily volume of 295,280 shares. The stock had previously closed at $8.93.

Analysts Set New Price Targets

CGNT has been the subject of several research analyst reports. StockNews.com downgraded shares of Cognyte Software from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, December 18th. Needham & Company LLC restated a "hold" rating on shares of Cognyte Software in a research report on Thursday, December 12th.

Cognyte Software Trading Down 0.7 %

The company has a market cap of $608.94 million, a price-to-earnings ratio of -44.58 and a beta of 1.77. The stock has a 50-day simple moving average of $9.41 and a 200-day simple moving average of $8.09.

Cognyte Software declared that its Board of Directors has authorized a stock repurchase program on Tuesday, November 12th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

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Institutional Investors Weigh In On Cognyte Software

Institutional investors have recently made changes to their positions in the company. Topline Capital Management LLC acquired a new position in Cognyte Software in the fourth quarter worth approximately $78,025,000. American Capital Management Inc. increased its stake in shares of Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the company's stock worth $43,475,000 after purchasing an additional 502,781 shares during the last quarter. Edenbrook Capital LLC raised its holdings in shares of Cognyte Software by 3.4% during the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company's stock valued at $42,663,000 after purchasing an additional 207,675 shares in the last quarter. Value Base Ltd. bought a new position in shares of Cognyte Software during the 4th quarter valued at $49,471,000. Finally, William Blair Investment Management LLC lifted its stake in shares of Cognyte Software by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 2,742,843 shares of the company's stock valued at $23,726,000 after purchasing an additional 67,024 shares during the last quarter. 72.92% of the stock is currently 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.