Cognyte Software (NASDAQ:CGNT) Upgraded by StockNews.com to Strong-Buy

Cognyte Software (NASDAQ:CGNT - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "buy" rating to a "strong-buy" rating in a research report issued on Wednesday.

Several other research analysts also recently commented on CGNT. Needham & Company LLC reiterated a "hold" rating on shares of Cognyte Software in a report on Tuesday. Evercore ISI lifted their target price on shares of Cognyte Software from $5.00 to $7.50 and gave the stock an "in-line" rating in a report on Wednesday.

Cognyte Software Stock Performance

Shares of Cognyte Software stock traded down $0.30 during midday trading on Wednesday, reaching $6.97. 788,792 shares of the company's stock traded hands, compared to its average volume of 451,398. The company has a market cap of $479.81 million, a price-to-earnings ratio of -11.81 and a beta of 1.68. Cognyte Software has a 52 week low of $3.75 and a 52 week high of $8.53. The company's 50 day simple moving average is $7.60 and its 200 day simple moving average is $6.11.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CGNT. Envestnet Asset Management Inc. increased its holdings in shares of Cognyte Software by 29.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 13,112 shares of the medical device company's stock worth $148,000 after purchasing an additional 3,000 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Cognyte Software by 19.6% during the 1st quarter. JPMorgan Chase & Co. now owns 369,566 shares of the medical device company's stock worth $4,180,000 after purchasing an additional 60,625 shares during the period. Raymond James & Associates bought a new position in shares of Cognyte Software during the 1st quarter worth about $347,000. Bank of New York Mellon Corp boosted its position in shares of Cognyte Software by 6,521.4% during the 1st quarter. Bank of New York Mellon Corp now owns 864,889 shares of the medical device company's stock valued at $9,781,000 after acquiring an additional 851,827 shares in the last quarter. Finally, Citigroup Inc. boosted its position in shares of Cognyte Software by 59.5% during the 1st quarter. Citigroup Inc. now owns 311,454 shares of the medical device company's stock valued at $3,523,000 after acquiring an additional 116,210 shares in the last quarter. 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 also offers network intelligence analytics, open source and threat intelligence analytics, and operational intelligence analytics solutions.

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