StockNews.com Downgrades Cognyte Software (NASDAQ:CGNT) to Buy

StockNews.com downgraded shares of Cognyte Software (NASDAQ:CGNT - Free Report) from a strong-buy rating to a buy rating in a research note published on Wednesday morning.

A number of other research analysts have also recently commented on CGNT. Wedbush upped their price target on Cognyte Software from $8.00 to $9.00 and gave the company a neutral rating in a research report on Thursday, June 20th. Needham & Company LLC reaffirmed a hold rating on shares of Cognyte Software in a report on Tuesday, September 10th.

Cognyte Software Price Performance

Shares of Cognyte Software stock traded down $0.06 during trading hours on Wednesday, hitting $6.55. 672,907 shares of the company's stock traded hands, compared to its average volume of 323,084. The company has a fifty day simple moving average of $7.08 and a 200-day simple moving average of $7.38. The stock has a market capitalization of $465.20 million, a price-to-earnings ratio of -38.88 and a beta of 1.73. Cognyte Software has a 12-month low of $4.00 and a 12-month high of $8.70.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last released its earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.07. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The firm had revenue of $84.40 million for the quarter, compared to analysts' expectations of $83.69 million. During the same period in the previous year, the company earned ($0.11) earnings per share. The company's quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts forecast that Cognyte Software will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the acquisition, the insider now owns 8,604,144 shares in the company, valued at $54,292,148.64. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the firm's stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the acquisition, the insider now owns 8,604,144 shares in the company, valued at $54,292,148.64. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Topline Capital Management, Ll acquired 416,040 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were acquired at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the purchase, the insider now directly owns 9,020,184 shares of the company's stock, valued at $56,827,159.20. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 62.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cognyte Software

Hedge funds have recently bought and sold shares of the stock. Signaturefd LLC lifted its holdings in shares of Cognyte Software by 91.4% during the 2nd quarter. Signaturefd LLC now owns 3,311 shares of the medical device company's stock worth $25,000 after acquiring an additional 1,581 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Cognyte Software in the 2nd quarter worth about $28,000. DT Investment Partners LLC bought a new position in shares of Cognyte Software during the 2nd quarter valued at about $62,000. Covestor Ltd bought a new position in shares of Cognyte Software during the 1st quarter valued at about $73,000. Finally, Magnetar Financial LLC purchased a new position in shares of Cognyte Software during the 2nd quarter valued at about $117,000. 72.92% of the stock is currently owned by institutional investors.

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.