Cognyte Software (NASDAQ:CGNT) Downgraded by Zacks Research to “Strong Sell”

Zacks Research downgraded shares of Cognyte Software (NASDAQ:CGNT) from a hold rating to a strong sell rating in a report released on Wednesday morning,Zacks.com reports.

CGNT has been the subject of a number of other reports. Wall Street Zen cut Cognyte Software from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Lake Street Capital initiated coverage on shares of Cognyte Software in a research note on Monday, March 2nd. They issued a “buy” rating and a $13.00 target price for the company. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.50.

Cognyte Software Price Performance

Shares of CGNT opened at $7.96 on Wednesday. The company has a market capitalization of $581.72 million, a P/E ratio of -199.00 and a beta of 1.64. Cognyte Software has a one year low of $6.29 and a one year high of $12.31. The business’s 50 day simple moving average is $9.67 and its 200-day simple moving average is $8.94.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings results on Wednesday, June 3rd. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.07). The business had revenue of $105.49 million for the quarter, compared to analyst estimates of $105.04 million. Cognyte Software had a negative net margin of 0.66% and a negative return on equity of 0.45%. Cognyte Software has set its FY 2027 guidance at 0.470-0.470 EPS. On average, sell-side analysts anticipate that Cognyte Software will post 0.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its stake in shares of Cognyte Software by 101.9% in the 1st quarter. Millennium Management LLC now owns 921,853 shares of the company’s stock valued at $7,190,000 after purchasing an additional 465,307 shares during the last quarter. Samjo Management LLC raised its stake in shares of Cognyte Software by 64.4% during the fourth quarter. Samjo Management LLC now owns 896,325 shares of the company’s stock worth $8,425,000 after buying an additional 351,150 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Cognyte Software by 77.5% during the second quarter. Marshall Wace LLP now owns 756,876 shares of the company’s stock worth $6,994,000 after buying an additional 330,569 shares during the last quarter. Westerly Capital Management LLC lifted its holdings in Cognyte Software by 29.4% in the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company’s stock valued at $9,240,000 after buying an additional 250,000 shares during the period. Finally, Archon Capital Management LLC acquired a new position in Cognyte Software in the fourth quarter valued at approximately $1,958,000. 72.92% of the stock is currently owned by institutional investors and hedge funds.

Cognyte Software Company Profile

Cognyte Software Ltd. is a global provider of security analytics solutions that was spun off from NICE Ltd. in early 2021. Headquartered in Israel, the company delivers specialized software and services designed to help government agencies, law enforcement organizations and critical infrastructure operators process and analyze large volumes of data for intelligence and investigative purposes.

The company’s core offerings include advanced analytics platforms that aggregate and visualize structured and unstructured data from diverse sources, such as communications metadata, open-source intelligence and sensor feeds.