On Friday, there was some bizarre activity involving Cognyte Software Ltd. (NASDAQ: CGNT) taking place in the options market. A total of 5,005 contracts of call options on the company’s shares were acquired in today’s transaction. This represents a nearly 995% increase in volume compared to his average daily volume of 457 call options.
On September 28th of this year, Cognyte Software released its latest earnings report (NASDAQ: CGNT). His earnings per share for the medical device maker was $0.43 in the fourth quarter. This was well below the $0.25 expected by market experts. The company’s quarterly revenue was his $81.1 million, well below the consensus forecast of $92.47 million by financial analysts. While the company’s net profit margin was negative 27.34%, Cognyte Software was able to achieve his 47.95% return on equity. The company’s most recent quarter revenue fell 30.1% compared to the same quarter last year. His earnings per share for the company were $0.17 in the year-ago quarter. Cognyte Software is expected to suffer a loss equivalent to 1.35 cents per share this year, according to forecasts by industry experts.
Hedge funds have been very active in stock trading, buying and selling stocks involving companies. Global Alpha Capital Management Ltd. increased his Cognyte Software percentage owned by 293.1% in his first three months of the year. Global Alpha Capital Management Ltd. currently holds 3,921,957 shares of the medical device company with a market value of $44,357,000. This is because the company purchased an additional 2,924,147 of his shares during the most recent period. Additionally, Edenbrook Capital LLC increased his stake in Cognyte Software by 60.1% in the third quarter. After purchasing a total of 2,197,863 additional shares during the relevant period, Edenbrook Capital LLC now owns a total of 5,856,470 shares in the medical device company, valued at $23,660,000. Private Capital Management LLC made an additional investment of approximately $6,503,000 in the second quarter to acquire a new interest in Cognyte Software. Cardinal Capital Management, LLC increased its percentage stake in Cognyte Software by 930.0% in the first three months of the year. After purchasing 1,513,831 shares during the quarter, Cardinal Capital Management LLC now owns a total of 3,5141,032 shares in the medical device company, valued at $35,525,000. This will increase the company’s current total shareholding to 3,5141,032 shares.
Last but not least, in the first quarter of 2018, Bank of New York Mellon Corporation increased its stake in Cognyte Software by 6.521.4%. Bank of New York Mellon Corporation now owns 864,889 shares in the medical device company after acquiring an additional 851,827 shares of him in the most recent period. The current stock price is $9,781,000. An institutional investor holds more than his 84.93% ownership interest in the company’s total shares.
Nasdaq Stock: CGNT rose $0.02 to $2.81 in Friday morning session. Today, only 44,292 of his shares were traded, a significant drop from his normal trading volume of 1,068,124 shares. The company’s stock is currently trading at a 50-day moving average of $2.87 and a 200-day moving average of $4.20. The company’s current P/E ratio is -1.89 with a beta of 1.41. The company has a market capitalization of $189.62 million. Cognate Software hit an all-time low of $2.31 over the past year before hitting an all-time high of $16.11 over the same period.
Several analysts who have worked on the company in question recently released a report on it. On Tuesday, December 13th, StockNews.com announced that Cognyte Software’s rating had been changed from ‘Hold’ to ‘Sell’. The research report was released on Tuesday. In a research note released Wednesday, Stivel Nicolaus downgraded his Cognyte Software “hold” rating and lowered its stock price target to $3.00 from $6.00. Both of these changes have been made to the stock price. A total of eight different stock recommendations were made by research analysts. These recommendations include 4 holds, 1 buy valuation, 1 sell recommendation, and 5 pending valuations. The current consensus price target for Cognyte Software stock is set at $8.00 and the company’s average rating is ‘Hold’. This information was obtained from Bloomberg.com.
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