Cognyte Software (NASDAQ:CGNT) Shares Gap Down to $8.41

Cognyte Software Ltd. (NASDAQ:CGNT) gapped down prior to trading on Tuesday . The stock had previously closed at $8.41, but opened at $7.80. Cognyte Software shares last traded at $7.60, with a volume of 507,574 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on CGNT. StockNews.com raised shares of Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognyte Software in a report on Tuesday. Finally, Evercore ISI upped their price target on shares of Cognyte Software from $5.00 to $7.50 and gave the company an “in-line” rating in a report on Wednesday.

Cognyte Software Price Performance

The business’s 50-day moving average price is $7.60 and its two-hundred day moving average price is $6.11. The firm has a market cap of $479.81 million, a price-to-earnings ratio of -11.81 and a beta of 1.68.

Hedge Funds Weigh In On Cognyte Software

A number of institutional investors have recently modified their holdings of the company. Legal & General Group Plc raised its position in shares of Cognyte Software by 1.1% in the second quarter. Legal & General Group Plc now owns 4,231,696 shares of the medical device company’s stock valued at $17,985,000 after buying an additional 48,011 shares during the last quarter. Neuberger Berman Group LLC increased its position in Cognyte Software by 5.7% during the third quarter. Neuberger Berman Group LLC now owns 4,047,169 shares of the medical device company’s stock worth $16,402,000 after purchasing an additional 218,294 shares during the last quarter. Ameriprise Financial Inc. increased its position in Cognyte Software by 42.9% during the first quarter. Ameriprise Financial Inc. now owns 2,285,073 shares of the medical device company’s stock worth $7,746,000 after purchasing an additional 685,890 shares during the last quarter. BlackRock Inc. increased its position in Cognyte Software by 15.5% during the third quarter. BlackRock Inc. now owns 2,065,372 shares of the medical device company’s stock worth $8,342,000 after purchasing an additional 276,781 shares during the last quarter. Finally, Edenbrook Capital LLC increased its position in Cognyte Software by 144.0% during the first quarter. Edenbrook Capital LLC now owns 1,967,866 shares of the medical device company’s stock worth $22,256,000 after purchasing an additional 1,161,200 shares during the last quarter. Institutional investors and hedge funds own 72.92% of the company’s stock.

About Cognyte Software

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 also offers network intelligence analytics, open source and threat intelligence analytics, and operational intelligence analytics solutions.