Essex Investment Management Co. LLC Sells 43,883 Shares of Cognyte Software Ltd. (NASDAQ:CGNT)

Essex Investment Management Co. LLC reduced its holdings in shares of Cognyte Software Ltd. (NASDAQ:CGNT) by 11.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 345,520 shares of the company’s stock after selling 43,883 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Cognyte Software were worth $2,989,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Capital Management Inc. grew its stake in shares of Cognyte Software by 8.5% in the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock valued at $43,475,000 after buying an additional 502,781 shares in the last quarter. Edenbrook Capital LLC grew its stake in shares of Cognyte Software by 3.4% in the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock valued at $42,663,000 after buying an additional 207,675 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in shares of Cognyte Software by 34.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock valued at $157,000 after buying an additional 5,940 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Cognyte Software in the third quarter valued at $1,101,000. Finally, XTX Topco Ltd bought a new position in shares of Cognyte Software in the third quarter valued at $169,000. 72.92% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. StockNews.com cut shares of Cognyte Software from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research note on Thursday, December 12th.

Cognyte Software Price Performance

Shares of Cognyte Software stock opened at $8.47 on Friday. The business has a fifty day simple moving average of $9.41 and a two-hundred day simple moving average of $8.10. Cognyte Software Ltd. has a 1 year low of $6.21 and a 1 year high of $11.12. The company has a market capitalization of $608.94 million, a price-to-earnings ratio of -44.58 and a beta of 1.77.

Cognyte Software announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, November 12th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the company to buy up to 3.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Cognyte Software 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.