Cognyte Software (NASDAQ:CGNT) Releases Quarterly Earnings Results

Cognyte Software (NASDAQ:CGNT) released its earnings results on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.07), FiscalAI reports. The company had revenue of $105.49 million during the quarter, compared to analyst estimates of $105.04 million. Cognyte Software had a negative net margin of 0.16% and a positive return on equity of 0.74%.

Cognyte Software Stock Performance

Cognyte Software stock opened at $11.62 on Wednesday. Cognyte Software has a 52 week low of $6.29 and a 52 week high of $12.31. The stock has a market capitalization of $849.19 million, a P/E ratio of -1,162.00 and a beta of 1.64. The stock has a 50-day simple moving average of $9.51 and a 200 day simple moving average of $8.88.

Analysts Set New Price Targets

CGNT has been the topic of a number of recent research reports. Lake Street Capital initiated coverage on Cognyte Software in a research report on Monday, March 2nd. They issued a “buy” rating and a $13.00 target price on the stock. Zacks Research downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen downgraded Cognyte Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cognyte Software currently has an average rating of “Hold” and an average target price of $13.50.

Hedge Funds Weigh In On Cognyte Software

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. American Capital Management Inc. grew its holdings in Cognyte Software by 0.6% during the third quarter. American Capital Management Inc. now owns 6,751,962 shares of the company’s stock worth $56,716,000 after purchasing an additional 39,721 shares during the period. Westerly Capital Management LLC grew its holdings in Cognyte Software by 5.0% during the fourth quarter. Westerly Capital Management LLC now owns 1,155,000 shares of the company’s stock worth $10,857,000 after purchasing an additional 55,000 shares during the period. Millennium Management LLC grew its holdings in Cognyte Software by 101.9% during the first quarter. Millennium Management LLC now owns 921,853 shares of the company’s stock worth $7,190,000 after purchasing an additional 465,307 shares during the period. Scalar Gauge Management LLC grew its holdings in Cognyte Software by 14.6% during the fourth quarter. Scalar Gauge Management LLC now owns 904,099 shares of the company’s stock worth $8,499,000 after purchasing an additional 115,000 shares during the period. Finally, Samjo Management LLC grew its holdings in Cognyte Software by 64.4% during the fourth quarter. Samjo Management LLC now owns 896,325 shares of the company’s stock worth $8,425,000 after purchasing an additional 351,150 shares during the period. Institutional investors own 72.92% of the company’s stock.

Cognyte Software Company Profile

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.