Cognex (CGNX) Stock Rating Upgraded by Northcoast Research

Cognex (NASDAQ:CGNX) was upgraded by analysts at Northcoast Research from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday. Northcoast Research also issued estimates for Cognex’s Q1 2019 earnings at $0.26 EPS, Q2 2019 earnings at $0.50 EPS, Q3 2019 earnings at $0.67 EPS, Q4 2019 earnings at $0.50 EPS and FY2019 earnings at $1.93 EPS.

Several other analysts also recently issued reports on the company. JPMorgan Chase upgraded Cognex from an “underweight” rating to a “neutral” rating and set a $63.00 price target for the company in a research note on Tuesday. ValuEngine downgraded Cognex from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Zacks Investment Research upgraded Cognex from a “sell” rating to a “hold” rating in a research note on Tuesday, February 13th. BidaskClub downgraded Cognex from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th. Finally, Deutsche Bank set a $80.00 target price on Cognex and gave the company a “buy” rating in a research note on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $66.92.

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Shares of CGNX traded down $0.24 during trading hours on Wednesday, hitting $50.10. 348,723 shares of the company were exchanged, compared to its average volume of 2,112,970. The company has a market cap of $8,674.02, a PE ratio of 34.55 and a beta of 1.58. Cognex has a 52 week low of $39.74 and a 52 week high of $72.99.

Cognex (NASDAQ:CGNX) last released its quarterly earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.05. The company had revenue of $180.37 million during the quarter, compared to the consensus estimate of $178.75 million. Cognex had a return on equity of 24.23% and a net margin of 23.69%. The firm’s revenue was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 EPS. research analysts predict that Cognex will post 1.4 EPS for the current year.

Cognex announced that its Board of Directors has authorized a stock repurchase plan on Thursday, February 15th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

In other Cognex news, Director Anthony Sun sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $56.49, for a total value of $564,900.00. Following the completion of the sale, the director now owns 294,262 shares in the company, valued at approximately $16,622,860.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.40% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in CGNX. Legal & General Group Plc lifted its position in shares of Cognex by 11.5% in the 3rd quarter. Legal & General Group Plc now owns 73,434 shares of the scientific and technical instruments company’s stock worth $8,098,000 after acquiring an additional 7,567 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Cognex by 2.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 125,995 shares of the scientific and technical instruments company’s stock worth $13,861,000 after buying an additional 2,493 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Cognex in the 3rd quarter worth approximately $311,000. Wells Fargo & Company MN raised its holdings in shares of Cognex by 12.3% in the 3rd quarter. Wells Fargo & Company MN now owns 316,150 shares of the scientific and technical instruments company’s stock worth $34,866,000 after buying an additional 34,607 shares in the last quarter. Finally, BB&T Securities LLC raised its holdings in shares of Cognex by 7.3% in the 3rd quarter. BB&T Securities LLC now owns 10,786 shares of the scientific and technical instruments company’s stock worth $1,189,000 after buying an additional 736 shares in the last quarter. Institutional investors own 82.30% of the company’s stock.

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About Cognex

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 operates through the machine vision technology segment. 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.

Analyst Recommendations for Cognex (NASDAQ:CGNX)

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