Cognyte Software (NASDAQ:CGNT) Stock Price Down 5.6% – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT) shares were down 5.6% during trading on Wednesday . The stock traded as low as $8.00 and last traded at $8.14. Approximately 268,332 shares changed hands during trading, a decline of 13% from the average daily volume of 307,329 shares. The stock had previously closed at $8.62.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th. StockNews.com raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Tuesday.

Cognyte Software Stock Down 4.3 %

The business’s 50 day moving average is $7.23 and its 200 day moving average is $7.34. The company has a market cap of $593.09 million, a P/E ratio of -123.13 and a beta of 1.81.

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

Cognyte Software declared that its Board of Directors has approved a share buyback program on Tuesday, November 12th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to purchase up to 3.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Cognyte Software

In other Cognyte Software news, insider Topline Capital Management, Ll purchased 416,040 shares of Cognyte Software stock in a transaction dated Thursday, September 12th. The shares were 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 owns 9,020,184 shares in the company, valued at approximately $56,827,159.20. This trade represents a 4.84 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Scalar Gauge Management LLC grew its position in Cognyte Software by 30.8% during the 2nd quarter. Scalar Gauge Management LLC now owns 425,032 shares of the company’s stock worth $3,247,000 after purchasing an additional 100,000 shares during the last quarter. American Capital Management Inc. grew its holdings in shares of Cognyte Software by 8.5% during 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 during the last quarter. Edenbrook Capital LLC raised its stake in 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 acquiring an additional 207,675 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its position in Cognyte Software by 34.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock worth $157,000 after acquiring an additional 5,940 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Cognyte Software during the 2nd quarter worth about $586,000. 72.92% of the stock is currently owned by hedge funds and other institutional investors.

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.