Cognyte Software Ltd. (NASDAQ:CGNT) Short Interest Update

Cognyte Software Ltd. (NASDAQ:CGNT) was the recipient of a large decline in short interest in November. As of November 15th, there was short interest totalling 583,700 shares, a decline of 8.2% from the October 31st total of 635,500 shares. Based on an average daily volume of 271,400 shares, the short-interest ratio is currently 2.2 days. Currently, 1.0% of the shares of the stock are short sold.

Insider Activity

In other Cognyte Software news, insider Topline Capital Management, Ll purchased 416,040 shares of the stock in a transaction on Thursday, September 12th. The stock was acquired at an average cost of $6.30 per share, with a total value of $2,621,052.00. Following the completion of the purchase, the insider now directly owns 9,020,184 shares of the company’s stock, valued at approximately $56,827,159.20. This trade represents a 4.84 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $6.31 per share, with a total value of $3,493,159.21. Following the completion of the purchase, the insider now directly owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. The trade was a 6.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 62.70% of the company’s stock.

Institutional Investors Weigh In On Cognyte Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Signaturefd LLC grew its holdings in Cognyte Software by 91.4% in the second quarter. Signaturefd LLC now owns 3,311 shares of the medical device company’s stock worth $25,000 after purchasing an additional 1,581 shares during the period. Silverberg Bernstein Capital Management LLC increased its position in shares of Cognyte Software by 2.0% during the third quarter. Silverberg Bernstein Capital Management LLC now owns 100,300 shares of the medical device company’s stock valued at $681,000 after acquiring an additional 2,000 shares in the last quarter. Legacy Advisors LLC increased its position in shares of Cognyte Software by 1.4% during the second quarter. Legacy Advisors LLC now owns 143,790 shares of the medical device company’s stock valued at $1,099,000 after acquiring an additional 2,041 shares in the last quarter. Tidal Investments LLC increased its position in shares of Cognyte Software by 4.6% during the third quarter. Tidal Investments LLC now owns 59,902 shares of the medical device company’s stock valued at $407,000 after acquiring an additional 2,648 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in shares of Cognyte Software during the second quarter valued at approximately $28,000. Hedge funds and other institutional investors own 72.92% of the company’s stock.

Cognyte Software Stock Performance

Shares of NASDAQ CGNT traded up $0.11 during midday trading on Monday, hitting $8.23. 293,278 shares of the company traded hands, compared to its average volume of 307,440. Cognyte Software has a 12-month low of $5.12 and a 12-month high of $8.70. The stock has a 50-day moving average price of $6.97 and a 200 day moving average price of $7.29. The firm has a market cap of $591.65 million, a P/E ratio of -114.84 and a beta of 1.72.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings results on Tuesday, September 10th. The medical device company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.07. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The company had revenue of $84.40 million for the quarter, compared to analysts’ expectations of $83.69 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. Cognyte Software’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, equities analysts expect that Cognyte Software will post -0.28 earnings per share for the current year.

Cognyte Software announced that its Board of Directors has authorized a share buyback program on Tuesday, November 12th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the medical device company to buy up to 3.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CGNT shares. StockNews.com downgraded shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a research note on Tuesday, September 10th.

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.