ARK Investment Management LLC Decreases Stock Position in Cognyte Software Ltd. (NASDAQ:CGNT)

ARK Investment Management LLC decreased its position in Cognyte Software Ltd. (NASDAQ:CGNT) by 3.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 260,661 shares of the company’s stock after selling 9,654 shares during the quarter. ARK Investment Management LLC owned 0.36% of Cognyte Software worth $2,255,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. American Capital Management Inc. raised its stake in shares of Cognyte Software by 8.5% during the third quarter. American Capital Management Inc. now owns 6,402,813 shares of the company’s stock valued at $43,475,000 after purchasing an additional 502,781 shares in the last quarter. Edenbrook Capital LLC raised its holdings in shares of Cognyte Software by 3.4% during the third quarter. Edenbrook Capital LLC now owns 6,283,226 shares of the company’s stock valued at $42,663,000 after acquiring an additional 207,675 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of Cognyte Software by 34.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 23,186 shares of the company’s stock valued at $157,000 after purchasing an additional 5,940 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Cognyte Software during the 3rd quarter worth about $1,101,000. Finally, XTX Topco Ltd acquired a new stake in shares of Cognyte Software during the third quarter worth approximately $169,000. Hedge funds and other institutional investors own 72.92% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. StockNews.com downgraded Cognyte Software from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of Cognyte Software in a research note on Thursday, December 12th.

Cognyte Software Trading Up 0.9 %

Cognyte Software stock opened at $8.98 on Thursday. Cognyte Software Ltd. has a 1-year low of $6.21 and a 1-year high of $11.12. The firm’s fifty day simple moving average is $9.39 and its 200-day simple moving average is $8.02. The company has a market capitalization of $645.61 million, a P/E ratio of -47.26 and a beta of 1.77.

Cognyte Software announced that its Board of Directors has authorized a share repurchase program on Tuesday, November 12th that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Cognyte Software 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.