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

Cognyte Software (NASDAQ:CGNT) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts have also recently weighed in on CGNT. Lake Street Capital began coverage on Cognyte Software in a research report on Monday, March 2nd. They set a “buy” rating and a $13.00 price objective for the company. Wall Street Zen cut Cognyte Software from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $13.50.

Cognyte Software Price Performance

CGNT stock opened at $10.23 on Tuesday. The stock has a market capitalization of $747.61 million, a P/E ratio of -1,023.00 and a beta of 1.58. The business has a 50-day moving average of $9.32 and a 200-day moving average of $8.82. Cognyte Software has a fifty-two week low of $6.29 and a fifty-two week high of $11.65.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Rockefeller Capital Management L.P. boosted its position in Cognyte Software by 1,478.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 3,268 shares of the company’s stock valued at $31,000 after purchasing an additional 3,061 shares during the last quarter. Quarry LP acquired a new position in Cognyte Software during the third quarter valued at approximately $33,000. Osaic Holdings Inc. boosted its position in Cognyte Software by 79.4% during the second quarter. Osaic Holdings Inc. now owns 3,634 shares of the company’s stock valued at $34,000 after purchasing an additional 1,608 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Cognyte Software during the first quarter valued at approximately $94,000. Finally, FourThought Financial Partners LLC acquired a new position in Cognyte Software during the fourth quarter valued at approximately $95,000. 72.92% of the stock is owned by institutional investors and hedge funds.

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.