Cognyte Software (NASDAQ:CGNT) Shares Up 10.6% - Should You Buy?

Key Points

• Shares of Cognyte jumped 10.6% during mid-day trading to about $9.64 on Tuesday, with 290,364 shares traded (roughly 30% below the average session volume).
• Analyst sentiment is mixed but tilted positive — Zacks and Wall Street Zen upgraded to strong-buy, Lake Street has a $13 price target, while Weiss maintains a sell; the consensus rating is a Moderate Buy with a $13.50 target.
• The company beat quarterly EPS ($0.10 vs. $0.01 expected) and reported $106.24M in revenue, but profitability remains mixed with a negative net margin, a negative forward EPS outlook, and a market cap of about $714M.

Shares of Cognyte Software Ltd. (NASDAQ:CGNT - Get Free Report) shot up 10.6% during mid-day trading on Tuesday . The stock traded as high as $9.47 and last traded at $9.64. 290,364 shares were traded during mid-day trading, a decline of 30% from the average session volume of 417,454 shares. The stock had previously closed at $8.72.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CGNT shares. Zacks Research raised Cognyte Software from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 8th. Wall Street Zen raised Cognyte Software from a "buy" rating to a "strong-buy" rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cognyte Software in a report on Wednesday, January 21st. Finally, Lake Street Capital assumed coverage on Cognyte Software in a research note on Monday, March 2nd. They issued a "buy" rating and a $13.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $13.50.

Cognyte Software Price Performance

The firm's fifty day moving average price is $7.87 and its two-hundred day moving average price is $8.46. The stock has a market cap of $713.92 million, a price-to-earnings ratio of -981.40 and a beta of 1.53.

Cognyte Software (NASDAQ:CGNT - Get Free Report) last issued its earnings results on Wednesday, March 25th. The company reported $0.10 EPS for the quarter, beating the consensus estimate 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 company had revenue of $106.24 million during the quarter, compared to the consensus estimate of $106.20 million. On average, equities research analysts anticipate that Cognyte Software Ltd. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Cognyte Software

Institutional investors and hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. boosted its stake in Cognyte Software by 1,478.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,268 shares of the company's stock valued at $31,000 after purchasing an additional 3,061 shares during the last quarter. Vident Advisory LLC increased its holdings in Cognyte Software by 2.6% during the 4th quarter. Vident Advisory LLC now owns 88,648 shares of the company's stock worth $833,000 after purchasing an additional 2,225 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Cognyte Software in the fourth quarter worth approximately $887,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Cognyte Software in the fourth quarter worth approximately $551,000. Finally, Millennium Management LLC lifted its holdings in shares of Cognyte Software by 38.4% in the fourth quarter. Millennium Management LLC now owns 295,818 shares of the company's stock valued at $2,781,000 after purchasing an additional 82,119 shares in 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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