Cognyte Software (NASDAQ:CGNT) Shares Gap Down - Should You Sell?

Cognyte Software Ltd. (NASDAQ:CGNT - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $11.01, but opened at $10.22. Cognyte Software shares last traded at $9.19, with a volume of 531,637 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently commented on CGNT shares. Wall Street Zen raised Cognyte Software from a "buy" rating to a "strong-buy" rating in a research report on Saturday, April 12th. Needham & Company LLC restated a "hold" rating on shares of Cognyte Software in a research note on Wednesday.

Cognyte Software Stock Down 2.0%

The business has a fifty day simple moving average of $10.02 and a two-hundred day simple moving average of $9.34. The company has a market capitalization of $676.62 million, a price-to-earnings ratio of -49.42 and a beta of 1.73.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last posted its earnings results on Wednesday, June 11th. The company reported $0.07 EPS for the quarter. Cognyte Software had a negative return on equity of 13.30% and a negative net margin of 3.95%. The business had revenue of $95.55 million during the quarter, compared to the consensus estimate of $93.96 million. As a group, equities analysts predict that Cognyte Software Ltd. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cognyte Software

Institutional investors and hedge funds have recently made changes to their positions in the company. Topline Capital Management LLC bought a new position in Cognyte Software during the 4th quarter valued at about $78,025,000. Edenbrook Capital LLC increased its holdings in shares of Cognyte Software by 1.3% during the first quarter. Edenbrook Capital LLC now owns 6,635,083 shares of the company's stock worth $51,754,000 after buying an additional 82,500 shares in the last quarter. Value Base Ltd. acquired a new stake in shares of Cognyte Software during the fourth quarter worth approximately $49,471,000. William Blair Investment Management LLC raised its stake in shares of Cognyte Software by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 2,742,843 shares of the company's stock valued at $23,726,000 after acquiring an additional 67,024 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Cognyte Software by 5.6% in the 1st quarter. Acadian Asset Management LLC now owns 2,654,829 shares of the company's stock worth $20,682,000 after acquiring an additional 140,793 shares in the last quarter. Institutional investors and hedge funds 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.