Cognyte Software (NASDAQ:CGNT) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Cognyte Software (NASDAQ:CGNT) from a "hold" to a Strong-Buy, and analyst consensus (1 Strong Buy, 2 Buy, 1 Hold, 1 Sell) averages to a "Moderate Buy" with a $13.50 average price target.
• Cognyte beat quarterly EPS estimates ($0.10 vs. $0.01) and reported $106.24 million in revenue, yet shares opened at $8.47 (down ~3.4%), trading in a one-year range of $6.29–$11.65 with a market cap around $619 million.
• Institutional investors own roughly 72.92% of the stock, with recent accumulation from firms including Millennium Management, Rockefeller Capital, Vident Advisory and new stakes by XTX Topco and Susquehanna.

Cognyte Software (NASDAQ:CGNT - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of Cognyte Software in a report on Wednesday, January 21st. Lake Street Capital started coverage on Cognyte Software in a research report on Monday, March 2nd. They set a "buy" rating and a $13.00 price target on the stock. Finally, Wall Street Zen raised Cognyte Software from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $13.50.

Cognyte Software Trading Down 3.4%

Shares of CGNT opened at $8.47 on Wednesday. Cognyte Software has a 1 year low of $6.29 and a 1 year high of $11.65. The stock has a market cap of $618.97 million, a P/E ratio of -847.00 and a beta of 1.53. The stock's 50-day moving average price is $7.90 and its two-hundred day moving average price is $8.46.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last issued its earnings results on Wednesday, March 25th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.09. Cognyte Software had a positive return on equity of 0.74% and a negative net margin of 0.16%.The firm had revenue of $106.24 million for the quarter, compared to analysts' expectations of $106.20 million. As a group, equities analysts forecast that Cognyte Software will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Cognyte Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its position in Cognyte Software by 1,478.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,268 shares of the company's stock valued at $31,000 after buying an additional 3,061 shares during the last quarter. Vident Advisory LLC raised its position in Cognyte Software by 2.6% in the 4th quarter. Vident Advisory LLC now owns 88,648 shares of the company's stock valued at $833,000 after buying an additional 2,225 shares during the last quarter. XTX Topco Ltd acquired a new stake in Cognyte Software in the 4th quarter valued at approximately $887,000. Susquehanna Fundamental Investments LLC acquired a new stake in Cognyte Software in the 4th quarter valued at approximately $551,000. Finally, Millennium Management LLC raised its position in Cognyte Software by 38.4% in the 4th quarter. Millennium Management LLC now owns 295,818 shares of the company's stock valued at $2,781,000 after buying an additional 82,119 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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