Cognyte Software Ltd. (NASDAQ:CGNT) Sees Significant Decrease in Short Interest

Cognyte Software Ltd. (NASDAQ:CGNT) was the target of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 266,100 shares, a drop of 42.0% from the July 31st total of 458,400 shares. Based on an average daily trading volume, of 222,900 shares, the days-to-cover ratio is presently 1.2 days. Currently, 0.4% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

CGNT has been the subject of a number of research analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Tuesday, June 18th. StockNews.com raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Friday, June 21st. Finally, Wedbush boosted their price target on Cognyte Software from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Thursday, June 20th.

Institutional Trading of Cognyte Software

Several large investors have recently modified their holdings of the business. G2 Investment Partners Management LLC raised its holdings in Cognyte Software by 241.5% in the fourth quarter. G2 Investment Partners Management LLC now owns 1,366,163 shares of the medical device company’s stock valued at $8,784,000 after acquiring an additional 966,163 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Cognyte Software by 30.3% in the 1st quarter. Acadian Asset Management LLC now owns 2,304,970 shares of the medical device company’s stock valued at $19,041,000 after purchasing an additional 536,393 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in shares of Cognyte Software during the fourth quarter worth about $2,149,000. Scalar Gauge Management LLC acquired a new position in Cognyte Software in the fourth quarter worth about $2,001,000. Finally, Perigon Wealth Management LLC bought a new stake in Cognyte Software in the first quarter valued at about $811,000. 72.92% of the stock is currently owned by institutional investors and hedge funds.

Cognyte Software Stock Up 1.6 %

Shares of CGNT stock opened at $7.66 on Friday. Cognyte Software has a fifty-two week low of $4.00 and a fifty-two week high of $8.70. The stock has a market cap of $544.04 million, a P/E ratio of -45.06 and a beta of 1.74. The business has a fifty day simple moving average of $7.50 and a 200-day simple moving average of $7.51.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings data on Tuesday, June 18th. The medical device company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.03. Cognyte Software had a negative net margin of 3.70% and a negative return on equity of 5.94%. The company had revenue of $82.70 million during the quarter, compared to the consensus estimate of $82.05 million. During the same quarter last year, the company earned ($0.25) earnings per share. Cognyte Software’s revenue for the quarter was up 12.7% on a year-over-year basis. On average, sell-side analysts anticipate that Cognyte Software will post -0.31 earnings per share for the current year.

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.