Cognyte Software (NASDAQ:CGNT) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen lowered Cognyte Software from a “strong-buy” to a “buy,” adding to a mixed analyst picture that still leaves the stock with an overall Moderate Buy rating and a $13.50 average price target.
• Cognyte recently reported better-than-expected quarterly earnings, posting EPS of $0.10 versus the $0.01 consensus, while revenue of $106.24 million was essentially in line with estimates.
• The stock has been trading near its 52-week high, opening Friday at $11.11 compared with a low of $6.29 and a high of $11.65, while institutional investors continue to hold a large majority of shares.

Cognyte Software (NASDAQ:CGNT - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Saturday.

A number of other equities analysts also recently commented on CGNT. Weiss Ratings reissued a "sell (d-)" rating on shares of Cognyte Software in a research note on Wednesday, January 21st. Zacks Research raised shares of Cognyte Software from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 8th. Finally, Lake Street Capital began coverage on shares of Cognyte Software in a research note on Monday, March 2nd. They issued a "buy" rating and a $13.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $13.50.

Cognyte Software Stock Performance

Cognyte Software stock opened at $11.11 on Friday. The company has a 50 day moving average price of $8.72 and a 200-day moving average price of $8.64. Cognyte Software has a fifty-two week low of $6.29 and a fifty-two week high of $11.65. The company has a market capitalization of $811.92 million, a PE ratio of -1,111.00 and a beta of 1.58.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last issued its quarterly earnings data on Wednesday, March 25th. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.09. The company had revenue of $106.24 million during the quarter, compared to the consensus estimate of $106.20 million. Cognyte Software had a negative net margin of 0.16% and a positive return on equity of 0.74%. On average, analysts forecast that Cognyte Software will post 0.17 earnings per share for the current year.

Hedge Funds Weigh In On Cognyte Software

A number of large investors have recently made changes to their positions in CGNT. Millennium Management LLC increased its position in shares of Cognyte Software by 101.9% during the first quarter. Millennium Management LLC now owns 921,853 shares of the company's stock worth $7,190,000 after purchasing an additional 465,307 shares in the last quarter. Samjo Management LLC increased its position 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 purchasing an additional 351,150 shares in the last quarter. Marshall Wace LLP increased its position 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 purchasing an additional 330,569 shares in the last quarter. Westerly Capital Management LLC increased its position in shares of Cognyte Software by 29.4% during the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company's stock worth $9,240,000 after purchasing an additional 250,000 shares in the last quarter. Finally, Scalar Gauge Management LLC increased its position in shares of Cognyte Software by 44.8% during the third quarter. Scalar Gauge Management LLC now owns 789,099 shares of the company's stock worth $6,628,000 after purchasing an additional 244,067 shares in the last quarter. 72.92% of the stock is 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.

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