Cognyte Software (NASDAQ:CGNT) Sets New 1-Year High – Should You Buy?

Cognyte Software Ltd. (NASDAQ:CGNT) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $10.06 and last traded at $10.05, with a volume of 605304 shares. The stock had previously closed at $9.44.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CGNT shares. StockNews.com downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a report on Thursday, December 12th.

Cognyte Software Trading Up 6.5 %

The business has a fifty day simple moving average of $8.87 and a two-hundred day simple moving average of $7.70. The stock has a market cap of $722.49 million, a PE ratio of -52.89 and a beta of 1.77.

Cognyte Software declared that its board 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 company to buy up to 3.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CGNT. American Capital Management Inc. grew its holdings 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 acquiring an additional 502,781 shares during the period. Edenbrook Capital LLC boosted its position in shares of Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock worth $42,663,000 after purchasing an additional 207,675 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Cognyte Software in the 3rd quarter worth approximately $1,101,000. Angeles Wealth Management LLC bought a new stake in shares of Cognyte Software in the 3rd quarter worth approximately $437,000. Finally, Atom Investors LP boosted its position in shares of Cognyte Software by 100.3% in the 3rd quarter. Atom Investors LP now owns 104,470 shares of the company’s stock worth $709,000 after purchasing an additional 52,310 shares in the last quarter. Hedge funds and other institutional investors own 72.92% of the company’s stock.

Cognyte Software Company Profile

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.