Cognex Corp. (CGNX) Given a $49.00 Price Target by Canaccord Genuity Analysts
Cognex Corp. (NASDAQ:CGNX) has been assigned a $49.00 price target by research analysts at Canaccord Genuity in a research report issued to clients and investors on Tuesday. The firm presently has a a “hold” rating on the stock. Canaccord Genuity’s price target would suggest a potential downside of 1.82% from the company’s current price.
A number of other research firms also recently issued reports on CGNX. Needham & Company LLC increased their price objective on shares of Cognex Corp. from $42.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Credit Agricole SA increased their price objective on shares of Cognex Corp. from $37.00 to $55.00 and gave the company an “underperform” rating in a research note on Tuesday, August 2nd. Sanford C. Bernstein assumed coverage on shares of Cognex Corp. in a research note on Monday, June 6th. They set a “market perform” rating and a $40.10 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Cognex Corp. from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, May 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $46.90.
Cognex Corp. (NASDAQ:CGNX) traded up 3.717% during midday trading on Tuesday, reaching $51.765. 427,256 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $49.63 and its 200-day moving average is $43.05. Cognex Corp. has a 12-month low of $28.01 and a 12-month high of $53.45. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of 24.947 and a beta of 1.55.
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Cognex Corp. (NASDAQ:CGNX) last released its quarterly earnings data on Monday, August 1st. The company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.07. Cognex Corp. had a net margin of 40.22% and a return on equity of 11.44%. The firm had revenue of $147.27 million for the quarter, compared to the consensus estimate of $138.11 million. During the same period last year, the firm earned $0.49 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities analysts forecast that Cognex Corp. will post $1.39 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were issued a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.60%. Cognex Corp.’s dividend payout ratio is currently 14.49%.
In other Cognex Corp. news, Director Theodor Krantz sold 20,000 shares of the firm’s stock in a transaction on Friday, August 19th. The shares were sold at an average price of $50.00, for a total value of $1,000,000.00. Following the completion of the transaction, the director now owns 25,850 shares of the company’s stock, valued at $1,292,500. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Richard Morin sold 14,040 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $50.21, for a total transaction of $704,948.40. Following the completion of the transaction, the chief financial officer now directly owns 16,038 shares of the company’s stock, valued at approximately $805,267.98. The disclosure for this sale can be found here. 6.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CGNX. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Cognex Corp. by 4.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,740 shares of the company’s stock worth $118,000 after buying an additional 121 shares in the last quarter. Stephens Inc. AR boosted its position in Cognex Corp. by 3.3% in the second quarter. Stephens Inc. AR now owns 2,839 shares of the company’s stock worth $122,000 after buying an additional 92 shares in the last quarter. Creative Planning boosted its position in Cognex Corp. by 1.9% in the second quarter. Creative Planning now owns 3,669 shares of the company’s stock worth $158,000 after buying an additional 70 shares in the last quarter. Advisor Group Inc. bought a new position in Cognex Corp. during the second quarter worth about $186,000. Finally, Segall Bryant & Hamill LLC bought a new position in Cognex Corp. during the second quarter worth about $207,000. 91.42% of the stock is owned by institutional investors and hedge funds.
About Cognex Corp.
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 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.
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