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

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

Analyst Upgrades and Downgrades

CGNT has been the topic of several analyst reports. StockNews.com cut Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research report on Thursday, December 12th.

Cognyte Software Stock Performance

The firm has a fifty day moving average price of $8.87 and a two-hundred day moving average price of $7.70. The stock has a market capitalization of $722.49 million, a P/E ratio of -52.89 and a beta of 1.77.

Cognyte Software declared that its board has authorized a stock repurchase plan on Tuesday, November 12th that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the company to purchase 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 shares are undervalued.

Hedge Funds Weigh In On Cognyte Software

Several hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC lifted its holdings in shares of Cognyte Software by 4.6% during the 3rd quarter. Tidal Investments LLC now owns 59,902 shares of the company’s stock valued at $407,000 after buying an additional 2,648 shares during the period. R Squared Ltd purchased a new stake in shares of Cognyte Software in the 4th quarter worth $26,000. State of New Jersey Common Pension Fund D increased its stake in shares of Cognyte Software by 34.4% in 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 purchasing an additional 5,940 shares in the last quarter. Scalar Gauge Management LLC increased its stake in shares of Cognyte Software by 3.5% in the 3rd quarter. Scalar Gauge Management LLC now owns 440,032 shares of the company’s stock worth $2,988,000 after purchasing an additional 15,000 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Cognyte Software in the 3rd quarter worth $169,000. 72.92% of the stock is owned by institutional investors.

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.