Cognex Corporation’s (NASDAQ:CGNX) Outperform Rating Reaffirmed at Cowen and Company
Cognex Corporation (NASDAQ:CGNX)‘s stock had its “outperform” rating restated by research analysts at Cowen and Company in a report released on Tuesday. They currently have a $135.00 price objective on the scientific and technical instruments company’s stock, up from their prior price objective of $100.00. Cowen and Company’s target price suggests a potential upside of 31.23% from the company’s current price.
A number of other equities analysts have also commented on CGNX. BidaskClub raised shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday. Zacks Investment Research raised shares of Cognex Corporation from a “hold” rating to a “buy” rating and set a $118.00 price objective for the company in a research note on Wednesday, August 2nd. Canaccord Genuity reaffirmed a “hold” rating and issued a $80.00 price objective (up previously from $65.00) on shares of Cognex Corporation in a research note on Wednesday, May 3rd. Finally, Wolfe Research assumed coverage on shares of Cognex Corporation in a research note on Tuesday, July 11th. They issued a “peer perform” rating for the company. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $82.75.
Cognex Corporation (CGNX) traded down 0.65% during midday trading on Tuesday, reaching $102.87. The company had a trading volume of 743,132 shares. The company has a market capitalization of $8.91 billion, a P/E ratio of 46.99 and a beta of 1.43. The company’s 50 day moving average is $91.89 and its 200-day moving average is $84.08. Cognex Corporation has a 52-week low of $47.25 and a 52-week high of $110.69.
Cognex Corporation (NASDAQ:CGNX) last posted its quarterly earnings data on Monday, July 31st. The scientific and technical instruments company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.08. Cognex Corporation had a net margin of 33.10% and a return on equity of 19.51%. The firm had revenue of $172.90 million during the quarter, compared to analyst estimates of $169.79 million. During the same quarter last year, the business posted $0.50 EPS. The company’s revenue was up 17.4% on a year-over-year basis. Equities analysts expect that Cognex Corporation will post $2.56 earnings per share for the current fiscal year.
Cognex Corporation announced that its Board of Directors has initiated a share repurchase plan on Monday, May 1st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes 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 stock is undervalued.
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In other Cognex Corporation news, CEO Robert Willett sold 55,919 shares of Cognex Corporation stock in a transaction on Monday, May 15th. The shares were sold at an average price of $91.73, for a total transaction of $5,129,449.87. Following the completion of the sale, the chief executive officer now owns 55,919 shares of the company’s stock, valued at approximately $5,129,449.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Theodor Krantz sold 7,500 shares of Cognex Corporation stock in a transaction on 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 68,419 shares of company stock valued at $6,363,475 in the last three months. Company insiders own 5.60% of the company’s stock.
Several large investors have recently modified their holdings of CGNX. BlackRock Inc. raised its stake in 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 valued at $558,773,000 after buying an additional 6,615,351 shares during the period. Vanguard Group Inc. raised its stake in 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 valued at $551,959,000 after buying an additional 311,769 shares during the period. State Street Corp raised its stake in Cognex Corporation by 3.1% in the first quarter. State Street Corp now owns 2,123,233 shares of the scientific and technical instruments company’s stock valued at $178,245,000 after buying an additional 63,298 shares during the period. OppenheimerFunds Inc. raised its stake in Cognex Corporation by 9.0% in the first quarter. OppenheimerFunds Inc. now owns 1,801,467 shares of the scientific and technical instruments company’s stock valued at $151,233,000 after buying an additional 148,004 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Cognex Corporation by 21.3% in the second quarter. Bank of New York Mellon Corp now owns 1,261,312 shares of the scientific and technical instruments company’s stock valued at $107,085,000 after buying an additional 221,545 shares during the period. 87.13% of the stock is owned by institutional investors.
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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