Cognyte Software (NASDAQ:CGNT) Cut to “Hold” at StockNews.com

Cognyte Software (NASDAQ:CGNT) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.

Separately, Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a research report on Thursday, December 12th.

Cognyte Software Trading Up 1.2 %

Shares of NASDAQ CGNT opened at $8.70 on Wednesday. The company has a market cap of $625.48 million, a price-to-earnings ratio of -45.79 and a beta of 1.81. Cognyte Software has a 12 month low of $5.44 and a 12 month high of $9.59. The stock has a 50-day moving average price of $7.55 and a two-hundred day moving average price of $7.41.

Cognyte Software declared that its board has approved a stock repurchase plan on Tuesday, November 12th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Cognyte Software

Hedge funds and other institutional investors have recently made changes to their positions in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Cognyte Software in the 2nd quarter valued at approximately $586,000. Signaturefd LLC raised its stake in shares of Cognyte Software by 91.4% during the second quarter. Signaturefd LLC now owns 3,311 shares of the company’s stock valued at $25,000 after acquiring an additional 1,581 shares during the last quarter. Legacy Advisors LLC lifted its holdings in shares of Cognyte Software by 1.4% during the second quarter. Legacy Advisors LLC now owns 143,790 shares of the company’s stock worth $1,099,000 after purchasing an additional 2,041 shares during the period. nVerses Capital LLC acquired a new position in shares of Cognyte Software during the second quarter worth $28,000. Finally, Acadian Asset Management LLC grew its stake in shares of Cognyte Software by 13.3% in the second quarter. Acadian Asset Management LLC now owns 2,611,449 shares of the company’s stock worth $19,928,000 after purchasing an additional 306,479 shares during the last quarter. 72.92% of the stock is currently owned by 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.