Cognyte Software (NASDAQ:CGNT) Stock Price Down 4.1% - Should You Sell?

Cognyte Software Ltd. (NASDAQ:CGNT - Get Free Report) was down 4.1% during trading on Thursday . The company traded as low as $9.06 and last traded at $8.72. Approximately 100,068 shares traded hands during trading, a decline of 67% from the average daily volume of 301,150 shares. The stock had previously closed at $9.09.

Analyst Upgrades and Downgrades

CGNT has been the subject of a number of recent analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Cognyte Software in a report on Wednesday, June 11th. Wall Street Zen upgraded Cognyte Software from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 12th.

Cognyte Software Stock Performance

The stock has a market cap of $628.44 million, a price-to-earnings ratio of -79.28 and a beta of 1.65. The firm's 50-day simple moving average is $9.94 and its two-hundred day simple moving average is $9.41.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last released its quarterly earnings results on Wednesday, June 11th. The company reported $0.07 EPS for the quarter. Cognyte Software had a negative net margin of 2.18% and a negative return on equity of 3.53%. The business had revenue of $95.55 million for the quarter, compared to analysts' expectations of $93.96 million. Equities research analysts expect that Cognyte Software Ltd. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cognyte Software

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its position in Cognyte Software by 52.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 131,140 shares of the company's stock valued at $1,023,000 after purchasing an additional 45,229 shares during the period. Acadian Asset Management LLC raised its stake in shares of Cognyte Software by 5.6% during the first quarter. Acadian Asset Management LLC now owns 2,654,829 shares of the company's stock worth $20,682,000 after buying an additional 140,793 shares during the last quarter. Millennium Management LLC raised its stake 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 buying an additional 465,307 shares during the last quarter. Edenbrook Capital LLC lifted its holdings in Cognyte Software by 1.3% in the first quarter. Edenbrook Capital LLC now owns 6,635,083 shares of the company's stock valued at $51,754,000 after buying an additional 82,500 shares during the period. Finally, PDT Partners LLC bought a new position in Cognyte Software in the first quarter valued at approximately $355,000. Institutional investors own 72.92% of the company's stock.

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.