Cognyte Software (NASDAQ:CGNT) Stock Price Down 7.6% – Here’s Why

Cognyte Software Ltd. (NASDAQ:CGNT) traded down 7.6% during mid-day trading on Wednesday . The stock traded as low as $9.98 and last traded at $9.8830. 219,642 shares were traded during mid-day trading, a decline of 54% from the average session volume of 473,599 shares. The stock had previously closed at $10.70.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cognyte Software in a report on Wednesday, January 21st. Lake Street Capital assumed coverage on Cognyte Software in a report on Monday, March 2nd. They issued a “buy” rating and a $13.00 price target for the company. Wall Street Zen downgraded Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Saturday. Finally, Zacks Research raised shares of Cognyte Software from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 8th. One equities 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.50.

Cognyte Software Trading Down 8.6%

The business’s 50-day simple moving average is $8.96 and its two-hundred day simple moving average is $8.70. The company has a market capitalization of $715.07 million, a PE ratio of -978.70 and a beta of 1.58.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings results on Wednesday, March 25th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.01 by $0.09. Cognyte Software had a negative net margin of 0.16% and a positive return on equity of 0.74%. The business had revenue of $106.24 million for the quarter, compared to analysts’ expectations of $106.20 million. On average, analysts forecast that Cognyte Software Ltd. will post 0.17 EPS for the current year.

Institutional Investors Weigh In On Cognyte Software

Several large investors have recently made changes to their positions in CGNT. State of Alaska Department of Revenue acquired a new stake in shares of Cognyte Software in the third quarter valued at approximately $27,000. Rockefeller Capital Management L.P. increased its stake in shares of Cognyte Software by 1,478.7% in the fourth 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 period. Quarry LP acquired a new stake in shares of Cognyte Software in the third quarter valued at approximately $33,000. Osaic Holdings Inc. increased its stake in shares of Cognyte Software by 79.4% in the second quarter. Osaic Holdings Inc. now owns 3,634 shares of the company’s stock valued at $34,000 after purchasing an additional 1,608 shares during the period. Finally, FourThought Financial Partners LLC acquired a new stake in shares of Cognyte Software in the fourth quarter valued at approximately $95,000. 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.