Cognex Corporation (NASDAQ:CGNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.

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. “

Other equities analysts have also recently issued research reports about the stock. Cowen and Company reiterated a “buy” rating and issued a $100.00 price target on shares of Cognex Corporation in a research note on Tuesday, July 11th. BidaskClub cut shares of Cognex Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Goldman Sachs Group, Inc. (The) started coverage on shares of Cognex Corporation in a research note on Monday, April 3rd. They issued a “buy” rating on the stock. Summit Redstone reiterated a “buy” rating on shares of Cognex Corporation in a research note on Thursday, March 30th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognex Corporation in a research note on Tuesday, March 21st. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $73.22.

Shares of Cognex Corporation (NASDAQ:CGNX) traded down 0.32% during mid-day trading on Monday, hitting $89.18. 608,334 shares of the stock traded hands. The company has a market capitalization of $7.73 billion, a PE ratio of 43.40 and a beta of 1.42. Cognex Corporation has a 1-year low of $43.07 and a 1-year high of $97.99. The company’s 50-day moving average price is $91.91 and its 200 day moving average price is $79.32.

Cognex Corporation announced that its board has approved a stock buyback plan on Monday, May 1st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the scientific and technical instruments company to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

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In other news, CEO Robert Willett sold 43,981 shares of the company’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $89.79, for a total transaction of $3,949,053.99. Following the completion of the sale, the chief executive officer now owns 20,020 shares of the company’s stock, valued at approximately $1,797,595.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Theodor Krantz sold 7,500 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $96.09, for a total transaction of $720,675.00. Following the sale, the director now directly owns 26,250 shares of the company’s stock, valued at approximately $2,522,362.50. The disclosure for this sale can be found here. Insiders have sold a total of 107,500 shares of company stock valued at $9,808,143 in the last ninety days. Insiders own 5.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Congress Asset Management Co. MA raised its stake in Cognex Corporation by 0.8% in the fourth quarter. Congress Asset Management Co. MA now owns 786,661 shares of the scientific and technical instruments company’s stock valued at $26,566,000 after buying an additional 6,372 shares during the last quarter. First Mercantile Trust Co. raised its stake in Cognex Corporation by 26.8% in the fourth quarter. First Mercantile Trust Co. now owns 23,493 shares of the scientific and technical instruments company’s stock valued at $793,000 after buying an additional 4,960 shares during the last quarter. Eagle Asset Management raised its stake in Cognex Corporation by 80.9% in the third quarter. Eagle Asset Management now owns 3,758,994 shares of the scientific and technical instruments company’s stock valued at $129,196,000 after buying an additional 1,681,495 shares during the last quarter. Eagle Asset Management Inc. raised its stake in Cognex Corporation by 0.7% in the fourth quarter. Eagle Asset Management Inc. now owns 1,893,234 shares of the scientific and technical instruments company’s stock valued at $63,934,000 after buying an additional 13,737 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Cognex Corporation by 1.2% in the fourth quarter. Rhumbline Advisers now owns 153,254 shares of the scientific and technical instruments company’s stock valued at $5,175,000 after buying an additional 1,790 shares during the last quarter. 88.24% of the stock is owned by hedge funds and other institutional investors.

Cognex Corporation 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 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.

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Analyst Recommendations for Cognex Corporation (NASDAQ:CGNX)

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