Cognyte Software Ltd CGNT, a spin-off from Verint Systems Inc. VRNT, addresses the $30 billion security analytics market, which has a 10% CAGR (compounded annual growth rate), according to Needham.
The Cognyte Software Analyst: Mike Cikos maintained a Buy rating for Cognyte Software, with the price target unchanged at $36.
The Cognyte Software Thesis: The investor meetings with CEO Elad Sharon and CFO David Abadi took investors “up the curve,” Cikos said in the note.
The analyst mentioned 3 key points after the meetings:
- Long-Term Revenue Acceleration: “Management believes it can grow long-term Revenue Low-/Mid-Teens,” the analyst wrote.
- Subscription Model Transition: “Cognyte is already having conversations with customers where the company is discussing benefits like quicker time to value … We believe the previous transition provides a playbook Cognyte can emulate. We also see R&D efforts as lending to module growth and feeding into the Subscription offering,” he added.
- Competition Limited, Primarily Homegrown
“We attribute CGNT's recent share underperformance to technical factors and a hangover from the spin-off. Meanwhile, we believe fundamentals are intact, and management is executing to plan,”
CGNT Price Action: Shares of Cognyte Software had risen by 0.54% to $24.13 at the time of publication Thursday.
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