Cognex Corp. (CGNX) PT Set at $49.00 by Canaccord Genuity
Cognex Corp. (NASDAQ:CGNX) has been given a $49.00 target price by equities research analysts at Canaccord Genuity in a report released on Tuesday. The brokerage presently has a a “hold” rating on the stock. Canaccord Genuity’s target price would indicate a potential downside of 1.82% from the stock’s previous close.
Several other brokerages have also recently commented on CGNX. Sanford C. Bernstein assumed coverage on Cognex Corp. in a research report on Monday, June 6th. They set a “market perform” rating and a $40.10 price target for the company. Needham & Company LLC increased their price objective on Cognex Corp. from $42.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Zacks Investment Research raised shares of Cognex Corp. from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, May 24th. Finally, Credit Agricole SA raised their target price 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. One analyst has 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 has an average rating of “Hold” and a consensus target price of $46.90.
Shares of Cognex Corp. (NASDAQ:CGNX) traded up 2.68% during mid-day trading on Tuesday, hitting $51.25. The stock had a trading volume of 278,049 shares. Cognex Corp. has a 52 week low of $28.01 and a 52 week high of $53.45. The stock has a 50 day moving average of $49.63 and a 200-day moving average of $43.05. The stock has a market capitalization of $4.36 billion, a P/E ratio of 24.70 and a beta of 1.55.
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Cognex Corp. (NASDAQ:CGNX) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.07. The company earned $147.27 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 earnings per share. On average, equities research analysts predict that Cognex Corp. will post $1.39 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Friday, September 2nd were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a yield of 0.60%. Cognex Corp.’s dividend payout ratio (DPR) is 14.49%.
In other news, CFO Richard Morin sold 1,100 shares of the business’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $50.35, for a total value of $55,385.00. Following the completion of the sale, the chief financial officer now owns 3,098 shares of the company’s stock, valued at $155,984.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Patrick Alias sold 7,500 shares of the business’s stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $48.47, for a total transaction of $363,525.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $363,525. The disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its stake in shares of Cognex Corp. by 161.9% in the first quarter. Goldman Sachs Group Inc. now owns 132,174 shares of the company’s stock worth $5,148,000 after buying an additional 81,699 shares during the last quarter. AXA boosted its stake in shares of Cognex Corp. by 156.4% in the first quarter. AXA now owns 431,884 shares of the company’s stock worth $16,822,000 after buying an additional 263,460 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake in shares of Cognex Corp. by 44.0% in the first quarter. Pictet Asset Management Ltd. now owns 392,877 shares of the company’s stock worth $14,540,000 after buying an additional 119,964 shares during the last quarter. Rafferty Asset Management LLC acquired a new stake in shares of Cognex Corp. during the first quarter worth about $473,000. Finally, State Street Corp boosted its stake in shares of Cognex Corp. by 0.5% in the first quarter. State Street Corp now owns 2,150,547 shares of the company’s stock worth $83,765,000 after buying an additional 9,905 shares during the last quarter. 91.42% of the stock is owned by institutional investors.
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 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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