Cognyte Software (NASDAQ:CGNT) Downgraded to Hold Rating by Zacks Research

Zacks Research lowered shares of Cognyte Software (NASDAQ:CGNT) from a strong-buy rating to a hold rating in a research note published on Tuesday,Zacks.com reports.

A number of other brokerages also recently weighed in on CGNT. Wall Street Zen downgraded Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Lake Street Capital began 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. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $13.50.

Cognyte Software Stock Down 1.6%

CGNT stock opened at $10.23 on Tuesday. Cognyte Software has a 52-week low of $6.29 and a 52-week high of $11.65. The stock’s 50 day moving average is $9.32 and its two-hundred day moving average is $8.82. The company has a market capitalization of $747.61 million, a PE ratio of -1,023.00 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 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $106.24 million during the quarter, compared to the consensus estimate of $106.20 million. As a group, sell-side analysts anticipate that Cognyte Software will post 0.17 EPS for the current year.

Institutional Investors Weigh In On Cognyte Software

A number of institutional investors have recently made changes to their positions in CGNT. Millennium Management LLC increased its holdings in shares of Cognyte Software by 101.9% in the 1st quarter. Millennium Management LLC now owns 921,853 shares of the company’s stock valued at $7,190,000 after acquiring an additional 465,307 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Cognyte Software by 52.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 131,140 shares of the company’s stock worth $1,023,000 after buying an additional 45,229 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Cognyte Software by 36.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 582,139 shares of the company’s stock worth $5,379,000 after buying an additional 154,955 shares during the last quarter. Marshall Wace LLP grew its stake in Cognyte Software by 77.5% during the 2nd quarter. Marshall Wace LLP now owns 756,876 shares of the company’s stock worth $6,994,000 after buying an additional 330,569 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in Cognyte Software by 25.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 224,053 shares of the company’s stock worth $2,070,000 after buying an additional 45,449 shares during the last quarter. 72.92% of the stock is currently owned by institutional investors.

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.