Cognyte Software (NASDAQ:CGNT) Trading 7.5% Higher – Should You Buy?

Cognyte Software Ltd. (NASDAQ:CGNT) was up 7.5% on Tuesday . The company traded as high as $7.74 and last traded at $7.64. Approximately 98,649 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 310,413 shares. The stock had previously closed at $7.11.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. StockNews.com raised Cognyte Software from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

Cognyte Software Trading Down 2.0 %

The firm has a 50-day moving average of $6.78 and a 200 day moving average of $7.27. The company has a market cap of $526.95 million, a P/E ratio of -104.70 and a beta of 1.72.

Cognyte Software (NASDAQ:CGNT) last issued 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. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The business had revenue of $84.40 million for the quarter, compared to analyst estimates of $83.69 million. During the same period in the prior year, the firm earned ($0.11) earnings per share. Cognyte Software’s revenue was up 9.5% on a year-over-year basis. On average, equities analysts predict that Cognyte Software Ltd. will post -0.28 EPS for the current year.

Cognyte Software declared that its Board of Directors has authorized a share repurchase program on Tuesday, November 12th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the medical device company to purchase up to 3.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

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

Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC raised its position in shares of Cognyte Software by 91.4% in the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock valued at $25,000 after purchasing an additional 1,581 shares during the period. Silverberg Bernstein Capital Management LLC increased its holdings in Cognyte Software by 2.0% during the 3rd quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the medical device company’s stock worth $681,000 after acquiring an additional 2,000 shares during the period. Legacy Advisors LLC raised its position in shares of Cognyte Software by 1.4% in the second quarter. Legacy Advisors LLC now owns 143,790 shares of the medical device company’s stock worth $1,099,000 after buying an additional 2,041 shares in the last quarter. nVerses Capital LLC purchased a new position in Cognyte Software during the second quarter worth about $28,000. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Cognyte Software by 34.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the medical device company’s stock valued at $157,000 after acquiring an additional 5,940 shares in the last quarter. Hedge funds and other institutional investors 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.