Cognex Corporation (NASDAQ:CGNX) Upgraded at BidaskClub
Cognex Corporation (NASDAQ:CGNX) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday.
Other equities research analysts have also issued reports about the company. Zacks Investment Research raised Cognex Corporation from a “sell” rating to a “buy” rating and set a $101.00 target price on the stock in a research report on Wednesday, May 3rd. Cowen and Company reissued a “buy” rating and set a $100.00 price target on shares of Cognex Corporation in a research report on Tuesday, July 11th. Canaccord Genuity reissued a “hold” rating and set a $80.00 price target (up from $65.00) on shares of Cognex Corporation in a research report on Wednesday, May 3rd. Finally, Wolfe Research started coverage on Cognex Corporation in a research report on Tuesday, July 11th. They set a “peer perform” rating on the stock. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $82.75.
Cognex Corporation (CGNX) traded down 1.13% during mid-day trading on Friday, hitting $100.31. The company had a trading volume of 828,911 shares. Cognex Corporation has a one year low of $47.05 and a one year high of $110.69. The company’s 50 day moving average price is $90.96 and its 200-day moving average price is $83.70. The company has a market cap of $8.68 billion, a PE ratio of 45.82 and a beta of 1.43.
Cognex Corporation (NASDAQ:CGNX) last announced its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.08. The company had revenue of $172.90 million for the quarter, compared to analyst estimates of $169.79 million. Cognex Corporation had a return on equity of 19.51% and a net margin of 33.10%. Cognex Corporation’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 earnings per share. Equities research analysts anticipate that Cognex Corporation will post $2.42 EPS for the current fiscal year.
Cognex Corporation declared that its Board of Directors has approved a share repurchase plan on Monday, May 1st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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In other Cognex Corporation news, CEO Robert Willett sold 43,981 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $89.79, for a total value of $3,949,053.99. Following the transaction, the chief executive officer now owns 20,020 shares in the company, valued at $1,797,595.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jerry A. Schneider sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $102.67, for a total value of $513,350.00. Following the completion of the transaction, the director now owns 6,000 shares in the company, valued at approximately $616,020. The disclosure for this sale can be found here. Insiders sold 112,400 shares of company stock worth $10,312,529 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CGNX. BlackRock Inc. increased its position in shares of Cognex Corporation by 16,264.7% in the first quarter. BlackRock Inc. now owns 6,656,024 shares of the scientific and technical instruments company’s stock worth $558,773,000 after buying an additional 6,615,351 shares during the period. Ameriprise Financial Inc. increased its position in shares of Cognex Corporation by 171.3% in the first quarter. Ameriprise Financial Inc. now owns 1,033,265 shares of the scientific and technical instruments company’s stock worth $86,741,000 after buying an additional 652,404 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Cognex Corporation by 86.7% in the first quarter. Goldman Sachs Group Inc. now owns 888,783 shares of the scientific and technical instruments company’s stock worth $74,613,000 after buying an additional 412,652 shares during the period. Vanguard Group Inc. increased its position in shares of Cognex Corporation by 5.0% in the first quarter. Vanguard Group Inc. now owns 6,574,861 shares of the scientific and technical instruments company’s stock worth $551,959,000 after buying an additional 311,769 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Cognex Corporation during the first quarter worth approximately $25,794,000. Hedge funds and other institutional investors own 87.55% of the company’s stock.
About Cognex Corporation
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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