Cognyte Software (NASDAQ:CGNT) Stock Price Down 7.6% – Time to Sell?

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on CGNT. Wall Street Zen cut shares of Cognyte Software from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 9th. Zacks Research upgraded Cognyte Software from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cognyte Software in a research note on Wednesday, January 21st. 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 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.50.

Cognyte Software Trading Down 0.7%

The firm has a 50 day moving average price of $9.04 and a 200-day moving average price of $8.72. The firm has a market cap of $701.28 million, a price-to-earnings ratio of -959.60 and a beta of 1.58.

Cognyte Software (NASDAQ:CGNT) last issued its quarterly earnings data on Wednesday, March 25th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. The firm had revenue of $106.24 million for the quarter, compared to analysts’ expectations of $106.20 million. Cognyte Software had a negative net margin of 0.16% and a positive return on equity of 0.74%. As a group, equities analysts expect that Cognyte Software Ltd. will post 0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cognyte Software

Hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue acquired a new stake in shares of Cognyte Software during the third quarter valued at $27,000. Rockefeller Capital Management L.P. boosted its stake in shares of Cognyte Software by 1,478.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 3,268 shares of the company’s stock worth $31,000 after purchasing an additional 3,061 shares during the last quarter. Quarry LP purchased a new stake in shares of Cognyte Software during the third quarter worth about $33,000. Osaic Holdings Inc. lifted its stake in shares of Cognyte Software by 79.4% during the 2nd quarter. Osaic Holdings Inc. now owns 3,634 shares of the company’s stock worth $34,000 after purchasing an additional 1,608 shares during the period. Finally, FourThought Financial Partners LLC acquired a new position in shares of Cognyte Software during the 4th quarter valued at $95,000. Hedge funds and other 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.