Cognyte Software (NASDAQ:CGNT) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $7.66 and traded as high as $9.24. Cognyte Software shares last traded at $9.19, with a volume of 135,557 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. StockNews.com lowered Cognyte Software from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of Cognyte Software in a research report on Thursday, December 12th.

Cognyte Software Trading Up 1.7 %

The stock has a market cap of $660.71 million, a PE ratio of -48.37 and a beta of 1.76. The business has a 50-day moving average price of $8.75 and a 200-day moving average price of $7.66.

Cognyte Software declared that its Board of Directors has initiated a share repurchase plan on Tuesday, November 12th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. American Capital Management Inc. raised its stake in Cognyte Software by 8.5% in the 3rd quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock valued at $43,475,000 after purchasing an additional 502,781 shares during the last quarter. Edenbrook Capital LLC raised its stake in Cognyte Software by 3.4% in the 3rd quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock valued at $42,663,000 after purchasing an additional 207,675 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Cognyte Software in the 3rd quarter valued at $1,101,000. Angeles Wealth Management LLC acquired a new position in Cognyte Software in the 3rd quarter valued at $437,000. Finally, Atom Investors LP raised its stake in Cognyte Software by 100.3% in the 3rd quarter. Atom Investors LP now owns 104,470 shares of the company’s stock valued at $709,000 after purchasing an additional 52,310 shares during the last quarter. Hedge funds and other institutional investors own 72.92% of the company’s stock.

About Cognyte Software

Cognyte Software Ltd. provides an investigative analytics software to governments and enterprises worldwide. Its Actionable Intelligence for a Safer World, an open software designed to help governments and enterprises accelerate and enhance the effectiveness of investigations. The company offers network intelligence analytics, threat intelligence analytics, decision intelligence analytics, and operational intelligence analytics solutions.