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

Cognyte Software Ltd. (NASDAQ:CGNT)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $8.40, but opened at $8.72. Cognyte Software shares last traded at $8.9350, with a volume of 164,840 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cognyte Software in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 28th. Finally, Lake Street Capital initiated coverage on Cognyte Software in a report on Monday, March 2nd. They issued a “buy” rating and a $13.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.50.

Cognyte Software Stock Up 4.5%

The firm has a market cap of $641.42 million, a PE ratio of -879.00 and a beta of 1.53. The company’s 50 day moving average price is $7.93 and its two-hundred day moving average price is $8.46.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings results on Wednesday, March 25th. The company reported $0.10 earnings per share for the quarter, topping 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 firm had revenue of $106.24 million for the quarter, compared to the consensus estimate of $106.20 million. On average, analysts expect that Cognyte Software Ltd. will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CGNT. State of Alaska Department of Revenue purchased a new position in shares of Cognyte Software during the third quarter valued at $27,000. Rockefeller Capital Management L.P. lifted its position in Cognyte Software by 1,478.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,268 shares of the company’s stock valued at $31,000 after acquiring an additional 3,061 shares during the last quarter. Quarry LP acquired a new stake in shares of Cognyte Software in the 3rd quarter worth $33,000. Osaic Holdings Inc. increased its holdings in shares of Cognyte Software by 79.4% during the second quarter. Osaic Holdings Inc. now owns 3,634 shares of the company’s stock valued at $34,000 after acquiring an additional 1,608 shares in the last quarter. Finally, FourThought Financial Partners LLC purchased a new position in shares of Cognyte Software in the 4th quarter valued at approximately $95,000. Institutional investors 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.