Cognyte Software (NASDAQ:CGNT) Trading Up 6.5% – Here’s What Happened

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price shot up 6.5% during trading on Monday . The company traded as high as $8.81 and last traded at $8.89. 250,544 shares were traded during trading, a decline of 20% from the average session volume of 313,476 shares. The stock had previously closed at $8.35.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CGNT. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a research report on Monday, July 28th. Roth Capital initiated coverage on shares of Cognyte Software in a report on Friday, October 3rd. They issued a “buy” rating and a $14.00 target price on the stock. Wall Street Zen lowered shares of Cognyte Software from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Zacks Research upgraded shares of Cognyte Software to a “hold” rating in a report on Monday, October 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cognyte Software in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $14.00.

Cognyte Software Stock Up 7.4%

The stock’s fifty day simple moving average is $8.46 and its two-hundred day simple moving average is $9.17. The firm has a market cap of $654.54 million, a PE ratio of -149.48 and a beta of 1.63.

Hedge Funds Weigh In On Cognyte Software

Several institutional investors have recently bought and sold shares of the stock. Driehaus Capital Management LLC bought a new stake in shares of Cognyte Software in the 1st quarter worth about $4,495,000. Millennium Management LLC grew its position in Cognyte Software by 101.9% during the 1st quarter. Millennium Management LLC now owns 921,853 shares of the company’s stock worth $7,190,000 after purchasing an additional 465,307 shares during the last quarter. Marshall Wace LLP grew its position in Cognyte Software by 77.5% during the 2nd quarter. Marshall Wace LLP now owns 756,876 shares of the company’s stock worth $6,994,000 after purchasing an additional 330,569 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Cognyte Software by 49.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 840,735 shares of the company’s stock valued at $7,768,000 after acquiring an additional 277,730 shares during the last quarter. Finally, G2 Investment Partners Management LLC acquired a new position in shares of Cognyte Software in the 2nd quarter valued at $2,460,000. 72.92% of the stock is 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.