Cognyte Software (NASDAQ:CGNT) Raised to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cognyte Software (NASDAQ:CGNT) from a "buy" to a strong-buy, though the consensus across analysts remains an average "Hold" with a $13.50 average target price.
• Cognyte beat quarterly EPS estimates ($0.10 vs. $0.01) with revenue roughly in line at $106.24M, yet shares opened at $7.75 (down ~4%) and trade near a 1‑year range of $6.29–$11.65 while showing a negative P/E.
• Institutional investors hold about 72.92% of the stock, with several funds increasing positions recently—Millennium Management notably more than doubling its stake.

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

Several other research firms have also recently commented on CGNT. Lake Street Capital began coverage on Cognyte Software in a report on Monday, March 2nd. They issued a "buy" rating and a $13.00 price target for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Cognyte Software in a research report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Cognyte Software presently has an average rating of "Hold" and an average target price of $13.50.

Cognyte Software Trading Down 4.0%

Shares of Cognyte Software stock opened at $7.75 on Friday. Cognyte Software has a 1 year low of $6.29 and a 1 year high of $11.65. The company's fifty day simple moving average is $8.01 and its 200-day simple moving average is $8.47. The company has a market cap of $566.37 million, a price-to-earnings ratio of -775.00 and a beta of 1.64.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last issued its quarterly earnings results on Wednesday, March 25th. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.09. The firm 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%. As a group, research analysts forecast that Cognyte Software will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cognyte Software

Several institutional investors and hedge funds have recently made changes to their positions in CGNT. Topline Capital Management LLC increased its position in shares of Cognyte Software by 2.4% during the 3rd quarter. Topline Capital Management LLC now owns 7,195,619 shares of the company's stock worth $60,443,000 after purchasing an additional 168,329 shares in the last quarter. American Capital Management Inc. boosted its position in Cognyte Software by 0.6% in the third quarter. American Capital Management Inc. now owns 6,751,962 shares of the company's stock valued at $56,716,000 after buying an additional 39,721 shares in the last quarter. Westerly Capital Management LLC boosted its position in Cognyte Software by 5.0% in the fourth quarter. Westerly Capital Management LLC now owns 1,155,000 shares of the company's stock valued at $10,857,000 after buying an additional 55,000 shares in the last quarter. Millennium Management LLC grew its stake in 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 buying an additional 465,307 shares during the last quarter. Finally, Scalar Gauge Management LLC grew its stake in Cognyte Software by 14.6% during the fourth quarter. Scalar Gauge Management LLC now owns 904,099 shares of the company's stock worth $8,499,000 after buying an additional 115,000 shares during the last quarter. Institutional investors and hedge funds own 72.92% of the company's stock.

About Cognyte Software

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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