Cognite Software Ltd. (NASDAQ:CGNT) sees a significant drop in short-term interest

Cognite Software Ltd. (NASDAQ:CGNT – Get Rating) benefited from a sharp drop in short-term interest rates during the month of June. As of June 15, there was short interest totaling 909,100 shares, a decrease of 30.6% from the total of 1,310,000 shares as of May 31. Currently, 1.4% of the company’s shares are sold short. Based on an average daily volume of 726,300 shares, the day-to-cover ratio is currently 1.3 days.

CGNT has been the subject of several recent research reports. Wedbush cut its price target on Cognyte Software shares from $17.00 to $9.00 and set a “neutral” rating on the stock in a Wednesday, April 6 research report. Stifel Nicolaus lowered his price target on Cognyte Software shares from $21.00 to $13.00 and placed a “buy” rating on the stock in a Wednesday, April 6 research note. Evercore ISI lowered its price target on Cognyte Software shares from $25.00 to $12.00 and set an “outperform” rating on the stock in a Wednesday, April 6 research note. StockNews.com moved shares of Cognyte Software from a “buy” rating to a “hold” rating in a Tuesday, June 14 research note. Finally, Needham & Company LLC upgraded Cognyte Software’s shares from a “buy” rating to a “hold” rating in a Tuesday, April 5 research note. Four investment analysts gave the stock a hold rating and two gave the stock a buy rating. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $15.47.

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Shares of CGNT traded down $0.09 in Friday trading, hitting $4.16. 991,224 shares of the company were traded, against an average volume of 1,019,354. The company’s 50-day simple moving average is $6.60 and its 200-day simple moving average is $9.80 . Cognyte Software has a 12-month minimum of $3.99 and a 12-month maximum of $28.55.

Cognyte Software (NASDAQ:CGNT – Get Rating) last released its quarterly results on Tuesday, June 28. The medical device company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.10 per ($0.89). Cognyte Software posted a negative return on equity of 23.12% and a negative net margin of 9.17%. The company posted revenue of $86.40 million for the quarter, versus analyst estimates of $112.60 million. In the same quarter a year earlier, the company posted earnings per share of $0.07. The company’s revenue for the quarter was down 24.7% from the same quarter last year. Sell-side analysts expect Cognyte Software to post -1.08 EPS for the current year.

A number of institutional investors have recently changed their positions in the company. Quantbot Technologies LP acquired a new equity stake in Cognyte Software in Q1 valued at $45,000. Allspring Global Investments Holdings LLC acquired a new stake in Cognyte Software during Q4 for a value of approximately $59,000. Fox Run Management LLC acquired a new stake in Cognyte Software during Q1 for a value of approximately $121,000. Signaturefd LLC increased its stake in Cognyte Software by 17.4% during the 1st quarter. Signaturefd LLC now owns 12,062 shares of the medical device company worth $136,000 after buying 1,791 additional shares in the last quarter. Finally, Envestnet Asset Management Inc. strengthened its position in Cognyte Software by 29.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 13,112 shares of the medical device company worth $148,000 after acquiring 3,000 more shares in the last quarter. 84.22% of the shares are currently held by hedge funds and other institutional investors.

Cognite Software Company Profile (Get a rating)

Cognite Software Ltd. provides forensic analysis software to governments and businesses around the world. Its Actionable Intelligence for a Safer World, an open source software designed to help governments and businesses speed up and improve the efficiency of investigations. The company also offers network intelligence analytics, open source and threat intelligence analytics, and operational intelligence analytics solutions.

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