Cognyte Software (NASDAQ:CGNT) Stock Jumps 3.3% – Here’s Why

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) shot up 3.3% during trading on Wednesday. The stock traded as high as $8.97 and last traded at $8.9150. 223,943 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 580,685 shares. The stock had previously closed at $8.63.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CGNT. Wall Street Zen raised Cognyte Software from a “hold” rating to a “buy” rating in a research note on Saturday, September 12th. Zacks Research raised shares of Cognyte Software from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 14th. Finally, Weiss Ratings upgraded Cognyte Software from a “sell (d-)” rating to a “hold (c-)” rating in a report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $13.50.

Cognyte Software Stock Performance

The company’s fifty day moving average is $8.70 and its two-hundred day moving average is $9.01. The firm has a market cap of $642.93 million, a price-to-earnings ratio of 287.67 and a beta of 1.67.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings results on Wednesday, September 9th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. The firm had revenue of $109.24 million during the quarter, compared to the consensus estimate of $108.51 million. Cognyte Software had a positive return on equity of 1.31% and a negative net margin of 0.01%.Cognyte Software has set its FY 2027 guidance at 0.470-0.470 EPS. As a group, analysts forecast that Cognyte Software Ltd. will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cognyte Software

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC grew its stake in shares of Cognyte Software by 137.3% during the second quarter. Tidal Investments LLC now owns 119,440 shares of the company’s stock valued at $1,049,000 after acquiring an additional 69,103 shares in the last quarter. Engineers Gate Manager LP boosted its holdings in Cognyte Software by 26.4% in the second quarter. Engineers Gate Manager LP now owns 94,490 shares of the company’s stock valued at $830,000 after purchasing an additional 19,718 shares during the last quarter. NewEdge Advisors LLC grew its stake in Cognyte Software by 43.5% during the 2nd quarter. NewEdge Advisors LLC now owns 16,594 shares of the company’s stock valued at $146,000 after purchasing an additional 5,034 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Cognyte Software during the 2nd quarter valued at approximately $2,182,000. Finally, American Capital Management Inc. purchased a new stake in Cognyte Software during the 2nd quarter worth approximately $54,292,000. 72.92% of the stock is owned by institutional investors and hedge funds.

Cognyte Software Company Profile

Cognyte Software Ltd. (NASDAQ: CGNT) develops software and technology solutions that help governments and other organizations transform large volumes of data into actionable intelligence. Its platforms are designed to support investigative, security and intelligence operations by enabling users to collect, analyze, visualize and manage information from multiple sources.

The company’s product portfolio includes solutions for digital intelligence, investigative analytics, network intelligence and cyber-related investigations.