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

Shares of Cognyte Software Ltd. (NASDAQ:CGNT) have been assigned an average recommendation of “Moderate Buy” from the five brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $13.50.

Several brokerages have commented on CGNT. Wall Street Zen upgraded shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cognyte Software in a research note on Wednesday, January 21st. Zacks Research upgraded shares of Cognyte Software from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 8th. Finally, Lake Street Capital began coverage on shares of Cognyte Software in a research note on Monday, March 2nd. They issued a “buy” rating and a $13.00 price target on the stock.

Hedge Funds Weigh In On Cognyte Software

A number of hedge funds have recently modified their holdings of the business. Millennium Management LLC lifted its holdings in shares of 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. Samjo Management LLC lifted its holdings in shares of 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. Marshall Wace LLP lifted its holdings in shares of Cognyte Software by 77.5% during the second quarter. Marshall Wace LLP now owns 756,876 shares of the company’s stock worth $6,994,000 after purchasing an additional 330,569 shares during the period. Westerly Capital Management LLC lifted its holdings in shares of Cognyte Software by 29.4% during the third quarter. Westerly Capital Management LLC now owns 1,100,000 shares of the company’s stock worth $9,240,000 after purchasing an additional 250,000 shares during the period. Finally, Scalar Gauge Management LLC lifted its holdings in shares of Cognyte Software by 44.8% during the third quarter. Scalar Gauge Management LLC now owns 789,099 shares of the company’s stock worth $6,628,000 after purchasing an additional 244,067 shares during the period. 72.92% of the stock is currently owned by hedge funds and other institutional investors.

Cognyte Software Stock Down 7.2%

Shares of Cognyte Software stock opened at $9.45 on Tuesday. The firm has a market capitalization of $690.61 million, a P/E ratio of -945.00 and a beta of 1.53. Cognyte Software has a 52 week low of $6.29 and a 52 week high of $11.65. The firm’s 50 day moving average is $8.24 and its two-hundred day moving average is $8.55.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings results on Wednesday, March 25th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.01 by $0.09. The company had revenue of $106.24 million for the quarter, compared to analyst estimates 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, research analysts expect that Cognyte Software will post 0.17 earnings per share for the current fiscal year.

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.