Cognyte Software (NASDAQ:CGNT) Shares Gap Up – What’s Next?

Cognyte Software Ltd. (NASDAQ:CGNT)’s share price gapped up prior to trading on Friday . The stock had previously closed at $8.25, but opened at $8.63. Cognyte Software shares last traded at $8.50, with a volume of 34,850 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CGNT. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research report on Monday, July 28th. Roth Capital initiated coverage on shares of Cognyte Software in a research report on Friday. They issued a “buy” rating and a $14.00 price target for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cognyte Software in a research report on Saturday, September 27th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $14.00.

Cognyte Software Trading Up 2.3%

The stock has a market cap of $615.87 million, a P/E ratio of -140.64 and a beta of 1.63. The firm’s fifty day moving average is $8.71 and its 200 day moving average is $9.24.

Institutional Investors Weigh In On Cognyte Software

Several hedge funds and other institutional investors have recently made changes to their positions in CGNT. Driehaus Capital Management LLC acquired a new stake in shares of Cognyte Software in the first quarter valued at about $4,495,000. Millennium Management LLC increased its position in Cognyte Software by 101.9% in the 1st quarter. Millennium Management LLC now owns 921,853 shares of the company’s stock worth $7,190,000 after buying an additional 465,307 shares during the period. Marshall Wace LLP increased its position in Cognyte Software by 77.5% in the 2nd quarter. Marshall Wace LLP now owns 756,876 shares of the company’s stock worth $6,994,000 after buying an additional 330,569 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Cognyte Software by 49.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 840,735 shares of the company’s stock worth $7,768,000 after buying an additional 277,730 shares during the period. Finally, G2 Investment Partners Management LLC bought a new position in Cognyte Software during the second quarter worth $2,460,000. 72.92% of the stock is owned by institutional investors and hedge funds.

Cognyte Software Company Profile

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.