Cognyte Software (NASDAQ:CGNT) Shares Up 6.5% – Should You Buy?

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

Wall Street Analysts Forecast Growth

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

Cognyte Software Price Performance

The company has a 50 day moving average price of $8.46 and a 200 day moving average price of $9.17. The firm has a market cap of $654.54 million, a PE ratio of -149.48 and a beta of 1.63.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Edenbrook Capital LLC raised its stake in shares of Cognyte Software by 1.3% in the 1st quarter. Edenbrook Capital LLC now owns 6,635,083 shares of the company’s stock worth $51,754,000 after buying an additional 82,500 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Cognyte Software by 4.9% in the 2nd quarter. Acadian Asset Management LLC now owns 2,784,080 shares of the company’s stock valued at $25,699,000 after acquiring an additional 129,251 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Cognyte Software by 19.3% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,083,646 shares of the company’s stock valued at $10,013,000 after purchasing an additional 175,569 shares during the period. 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 acquiring an additional 465,307 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in 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 buying an additional 277,730 shares during the last quarter. Institutional investors and hedge funds own 72.92% of the company’s stock.

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.