Cognyte Software (NASDAQ:CGNT) to Repurchase $20.00 million in Shares

Cognyte Software (NASDAQ:CGNT) declared that its board has initiated a share repurchase program on Tuesday, November 12th, RTT News reports. The company plans to buyback $20.00 million in outstanding shares. This buyback authorization allows the medical device company to repurchase up to 3.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Cognyte Software in a report on Tuesday, September 10th. StockNews.com upgraded Cognyte Software from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 23rd.

Cognyte Software Stock Up 5.2 %

CGNT stock traded up $0.37 during trading on Tuesday, reaching $7.48. The stock had a trading volume of 419,726 shares, compared to its average volume of 311,879. The company’s 50 day moving average is $6.78 and its two-hundred day moving average is $7.27. The company has a market capitalization of $537.74 million, a price-to-earnings ratio of -106.84 and a beta of 1.72. Cognyte Software has a one year low of $4.01 and a one year high of $8.70.

Cognyte Software (NASDAQ:CGNT) last posted its quarterly earnings data on Tuesday, September 10th. The medical device company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.07. The business had revenue of $84.40 million for the quarter, compared to analysts’ expectations of $83.69 million. Cognyte Software had a negative net margin of 1.35% and a negative return on equity of 2.56%. The business’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.11) earnings per share. As a group, research analysts predict that Cognyte Software will post -0.28 earnings per share for the current fiscal year.

Insider Activity at Cognyte Software

In other Cognyte Software news, major shareholder Topline Capital Partners, Lp acquired 553,591 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were acquired at an average price of $6.31 per share, with a total value of $3,493,159.21. Following the purchase, the insider now owns 8,604,144 shares of the company’s stock, valued at $54,292,148.64. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Topline Capital Management, Ll bought 416,040 shares of Cognyte Software stock in a transaction on Thursday, September 12th. The shares were bought at an average cost of $6.30 per share, for a total transaction of $2,621,052.00. Following the acquisition, the insider now owns 9,020,184 shares in the company, valued at approximately $56,827,159.20. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Topline Capital Partners, Lp purchased 553,591 shares of the stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $6.31 per share, for a total transaction of $3,493,159.21. Following the completion of the acquisition, the insider now directly owns 8,604,144 shares of the company’s stock, valued at approximately $54,292,148.64. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 62.70% of the company’s stock.

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.