Brokerages Set Cognyte Software Ltd. (NASDAQ:CGNT) PT at $13.50

Cognyte Software Ltd. (NASDAQ:CGNT) has been assigned an average rating of “Hold” from the five analysts that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $13.50.

Several analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Cognyte Software in a report on Wednesday, January 21st. Wall Street Zen raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Lake Street Capital initiated coverage on shares of Cognyte Software in a report on Monday, March 2nd. They set a “buy” rating and a $13.00 price objective on the stock.

Cognyte Software Stock Performance

NASDAQ:CGNT opened at $7.75 on Friday. Cognyte Software has a 1 year low of $6.29 and a 1 year high of $11.65. The stock has a 50-day moving average price of $8.01 and a two-hundred day moving average price of $8.47. The stock has a market cap of $566.37 million, a price-to-earnings ratio of -775.00 and a beta of 1.64.

Cognyte Software (NASDAQ:CGNT) last released its quarterly earnings results on Wednesday, March 25th. The company reported $0.10 EPS for the quarter, topping 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 company had revenue of $106.24 million for the quarter, compared to analyst estimates of $106.20 million. Sell-side analysts forecast that Cognyte Software will post -0.2 earnings per share for the current year.

Institutional Trading of Cognyte Software

Several hedge funds and other institutional investors have recently modified their holdings of CGNT. Topline Capital Management LLC boosted its position in shares of Cognyte Software by 2.4% during the third quarter. Topline Capital Management LLC now owns 7,195,619 shares of the company’s stock worth $60,443,000 after buying an additional 168,329 shares during the period. American Capital Management Inc. grew its holdings in shares of 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 buying an additional 39,721 shares in the last quarter. Westerly Capital Management LLC raised its position in Cognyte Software by 5.0% in the 4th quarter. Westerly Capital Management LLC now owns 1,155,000 shares of the company’s stock valued at $10,857,000 after buying an additional 55,000 shares during the last quarter. Millennium Management LLC lifted its stake in 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 in the last quarter. Finally, Scalar Gauge Management LLC lifted its stake in Cognyte Software by 14.6% in the 4th quarter. Scalar Gauge Management LLC now owns 904,099 shares of the company’s stock valued at $8,499,000 after acquiring an additional 115,000 shares in the last quarter. Institutional investors and hedge funds 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.