Cognyte Software (NASDAQ:CGNT) Shares Gap Up - Still a Buy?

Key Points

• Cognyte Software shares gapped up to $8.63 after closing at $8.25, with the stock last trading at $8.50.
• Research analysts' ratings are mixed, with one analyst giving a "buy" rating and a price target of $14.00, while others rated it "hold" and "sell."
• Institutional investors hold approximately 72.92% of Cognyte Software’s shares, with several hedge funds modifying their positions recently.

Cognyte Software Ltd. (NASDAQ:CGNT - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $8.25, but opened at $8.63. Cognyte Software shares last traded at $8.50, with a volume of 34,850 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Roth Capital began coverage on Cognyte Software in a report on Friday. They set a "buy" rating and a $14.00 price objective for the company. Needham & Company LLC restated a "hold" rating on shares of Cognyte Software in a research report on Monday, July 28th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Cognyte Software in a research report on Saturday, September 27th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cognyte Software currently has a consensus rating of "Hold" and a consensus price target of $14.00.

Cognyte Software Stock Up 2.3%

The company has a fifty day simple moving average of $8.73 and a 200 day simple moving average of $9.24. The firm has a market capitalization of $615.86 million, a P/E ratio of -140.64 and a beta of 1.63.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CGNT. Jane Street Group LLC purchased a new stake in shares of Cognyte Software during the 4th quarter valued at about $112,000. Bank of America Corp DE lifted its position in Cognyte Software by 149.3% during the fourth quarter. Bank of America Corp DE now owns 13,369 shares of the company's stock valued at $116,000 after purchasing an additional 8,007 shares during the period. SG Americas Securities LLC purchased a new stake in Cognyte Software during the 1st quarter valued at $663,000. Signaturefd LLC raised its stake in Cognyte Software by 119.2% during the 1st quarter. Signaturefd LLC now owns 3,968 shares of the company's stock valued at $31,000 after buying an additional 2,158 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Cognyte Software during the 1st quarter valued at $610,000. Hedge funds and other 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.

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