Cognyte Software (NASDAQ:CGNT) Downgraded by Zacks Research to Strong Sell

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

Several other equities analysts have also recently weighed in on the company. Wall Street Zen cut Cognyte Software from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Lake Street Capital assumed coverage on shares of Cognyte Software in a report on Monday, March 2nd. They set a “buy” rating and a $13.00 target price on the stock. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Cognyte Software has a consensus rating of “Hold” and an average price target of $13.50.

Cognyte Software Stock Performance

CGNT opened at $7.96 on Wednesday. The firm’s fifty day moving average is $9.67 and its two-hundred day moving average is $8.94. The firm has a market cap of $581.72 million, a PE ratio of -199.00 and a beta of 1.64. Cognyte Software has a twelve month low of $6.29 and a twelve month high of $12.31.

Cognyte Software (NASDAQ:CGNT) last announced its quarterly earnings results on Wednesday, June 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.07). The firm had revenue of $105.49 million during the quarter, compared to analyst estimates of $105.04 million. Cognyte Software had a negative net margin of 0.66% and a negative return on equity of 0.45%. Cognyte Software has set its FY 2027 guidance at 0.470-0.470 EPS. Equities analysts forecast that Cognyte Software will post 0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Cognyte Software

Hedge funds and other institutional investors have recently bought and sold shares of the company. 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. Samjo Management LLC raised its holdings in shares of Cognyte Software by 64.4% in the fourth quarter. Samjo Management LLC now owns 896,325 shares of the company’s stock valued at $8,425,000 after purchasing an additional 351,150 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Cognyte Software by 77.5% in the second quarter. Marshall Wace LLP now owns 756,876 shares of the company’s stock valued at $6,994,000 after purchasing an additional 330,569 shares during the last quarter. Westerly Capital Management LLC lifted its position in shares of Cognyte Software by 29.4% in 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 in the last quarter. Finally, Archon Capital Management LLC bought a new stake in shares of Cognyte Software in the fourth quarter worth $1,958,000. 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.