Cognex Corp. (NASDAQ:CGNX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Cognex Corp. designs, develops, manufactures, and markets machine vision systems that are used to automate a wide range of manufacturing processes where vision is required. Cognex machine vision systems consist of two primary elements: a computer, which serves as a machine vision engine, and software that processes and analyzes images. When connected to a video camera, the machine vision system captures images and extracts information, which determines appropriate action for other equipment in the manufacturing process. “
A number of other research firms have also recently weighed in on CGNX. Needham & Company LLC raised their price target on Cognex Corp. from $42.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Credit Agricole SA raised their price target on Cognex Corp. from $37.00 to $55.00 and gave the company an “underperform” rating in a report on Tuesday, August 2nd. Finally, Canaccord Genuity raised their price target on Cognex Corp. from $45.00 to $49.00 and gave the company a “hold” rating in a report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Cognex Corp. presently has a consensus rating of “Hold” and an average target price of $46.90.
Shares of Cognex Corp. (NASDAQ:CGNX) traded up 1.68% during mid-day trading on Wednesday, hitting $53.12. The stock had a trading volume of 302,015 shares. Cognex Corp. has a 12-month low of $28.01 and a 12-month high of $53.46. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of 25.60 and a beta of 1.47. The firm’s 50-day moving average price is $50.92 and its 200 day moving average price is $44.84.
Cognex Corp. (NASDAQ:CGNX) last posted its earnings results on Monday, August 1st. The company reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.07. The business earned $147.27 million during the quarter, compared to the consensus estimate of $138.11 million. Cognex Corp. had a return on equity of 11.44% and a net margin of 40.22%. Cognex Corp.’s revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company earned $0.49 EPS. Equities analysts forecast that Cognex Corp. will post $1.39 EPS for the current fiscal year.
In other Cognex Corp. news, Director Theodor Krantz sold 20,000 shares of Cognex Corp. stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $50.00, for a total transaction of $1,000,000.00. Following the transaction, the director now directly owns 25,850 shares in the company, valued at $1,292,500. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Richard Morin sold 1,100 shares of Cognex Corp. stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $50.35, for a total value of $55,385.00. Following the transaction, the chief financial officer now owns 3,098 shares in the company, valued at $155,984.30. The disclosure for this sale can be found here. Corporate insiders own 6.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. GW&K Investment Management LLC raised its position in Cognex Corp. by 4.3% in the third quarter. GW&K Investment Management LLC now owns 1,341,249 shares of the company’s stock valued at $70,898,000 after buying an additional 55,578 shares in the last quarter. Genesee Valley Trust Co. acquired a new position in Cognex Corp. during the third quarter valued at $343,000. Atria Investments LLC acquired a new position in Cognex Corp. during the third quarter valued at $212,000. Creative Planning raised its position in Cognex Corp. by 13.4% in the third quarter. Creative Planning now owns 4,159 shares of the company’s stock valued at $220,000 after buying an additional 490 shares in the last quarter. Finally, Algert Global LLC acquired a new position in Cognex Corp. during the third quarter valued at $359,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.
Cognex Corp. Company Profile
Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company’s machine vision products are used to automate the manufacture and tracking of discrete items, such as mobile phones, aspirin bottles and automobile tires, by locating, identifying, inspecting and measuring them during the manufacturing or distribution process.
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