Cognyte Software Ltd. (NASDAQ:CGNT) Short Interest Down 8.2% in November

Cognyte Software Ltd. (NASDAQ:CGNT) saw a significant drop in short interest in November. As of November 15th, there was short interest totalling 583,700 shares, a drop of 8.2% from the October 31st total of 635,500 shares. Based on an average daily volume of 271,400 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.0% of the company’s stock are short sold.

Cognyte Software Stock Up 3.4 %

CGNT stock traded up $0.28 on Tuesday, reaching $8.51. 305,416 shares of the company traded hands, compared to its average volume of 248,908. Cognyte Software has a one year low of $5.12 and a one year high of $8.70. The firm has a fifty day simple moving average of $7.00 and a 200-day simple moving average of $7.30.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.07. The firm had revenue of $84.40 million for the quarter, compared to the consensus estimate of $83.69 million. Cognyte Software had a negative return on equity of 2.56% and a negative net margin of 1.35%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the business posted ($0.11) EPS. On average, research analysts forecast that Cognyte Software will post -0.28 EPS for the current fiscal year.

Cognyte Software declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 12th that allows the company to buyback $20.00 million in shares. This buyback authorization allows the medical device company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Topline Capital Management, Ll bought 416,040 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was acquired at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the completion of the transaction, the insider now directly owns 9,020,184 shares of the company’s stock, valued at $56,827,159.20. This represents a 4.84 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Topline Capital Partners, Lp bought 553,591 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was purchased at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the transaction, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. The trade was a 6.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here.

Hedge Funds Weigh In On Cognyte Software

Hedge funds and other institutional investors have recently made changes to their positions in the company. American Capital Management Inc. boosted its position in Cognyte Software by 8.5% during the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the medical device company’s stock valued at $43,475,000 after acquiring an additional 502,781 shares in the last quarter. Edenbrook Capital LLC boosted its position in Cognyte Software by 3.4% during the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the medical device company’s stock valued at $42,663,000 after acquiring an additional 207,675 shares in the last quarter. Acadian Asset Management LLC boosted its position in Cognyte Software by 13.3% during the 2nd quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the medical device company’s stock valued at $19,928,000 after acquiring an additional 306,479 shares in the last quarter. Scalar Gauge Management LLC boosted its position in Cognyte Software by 3.5% during the 3rd quarter. Scalar Gauge Management LLC now owns 440,032 shares of the medical device company’s stock valued at $2,988,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Cognyte Software during the 3rd quarter valued at $1,101,000. Institutional investors own 72.92% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. StockNews.com lowered Cognyte Software from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 22nd. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

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.