Cognex Corporation (CGNX) Rating Increased to Buy at Zacks Investment Research
Cognex Corporation (NASDAQ:CGNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $138.00 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 8.30% from the stock’s current price.
According to Zacks, “Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can see. Cognex is the world’s leader in the machine vision industry, having shipped more than 200,000 vision systems, representing nearly $1.5 billion in cumulative revenue, since the company’s founding time. Cognex’s Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems that are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex’s Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems that are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, papers and plastics. “
Several other research firms also recently commented on CGNX. Cowen and Company reissued an “outperform” rating and set a $135.00 price objective (up previously from $100.00) on shares of Cognex Corporation in a report on Tuesday, August 8th. Canaccord Genuity increased their price objective on shares of Cognex Corporation from $95.00 to $120.00 and gave the company a “hold” rating in a report on Tuesday. Wolfe Research raised shares of Cognex Corporation from a “market perform” rating to an “outperform” rating in a report on Monday, August 14th. Robert W. Baird increased their price objective on shares of Cognex Corporation from $100.00 to $124.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, BidaskClub raised shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $99.50.
Cognex Corporation (NASDAQ:CGNX) last issued its earnings results on Monday, October 30th. The scientific and technical instruments company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $259.74 million during the quarter, compared to the consensus estimate of $255.95 million. Cognex Corporation had a net margin of 34.77% and a return on equity of 23.31%. Cognex Corporation’s quarterly revenue was up 75.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.61 EPS.
In related news, Director Patrick Alias sold 5,000 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $111.31, for a total value of $556,550.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $556,550. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Willett sold 25,000 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $103.37, for a total transaction of $2,584,250.00. Following the completion of the sale, the chief executive officer now directly owns 25,000 shares in the company, valued at $2,584,250. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,750 shares of company stock valued at $12,729,376. 5.60% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of CGNX. Daiwa Securities Group Inc. purchased a new stake in Cognex Corporation in the 2nd quarter worth about $102,000. Meeder Asset Management Inc. purchased a new stake in Cognex Corporation in the 2nd quarter worth about $135,000. Huntington National Bank raised its position in Cognex Corporation by 67.3% in the 3rd quarter. Huntington National Bank now owns 1,367 shares of the scientific and technical instruments company’s stock worth $151,000 after purchasing an additional 550 shares during the period. IFP Advisors Inc raised its position in Cognex Corporation by 46.8% in the 2nd quarter. IFP Advisors Inc now owns 1,919 shares of the scientific and technical instruments company’s stock worth $163,000 after purchasing an additional 612 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised its position in Cognex Corporation by 2.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,999 shares of the scientific and technical instruments company’s stock worth $170,000 after purchasing an additional 47 shares during the period. 86.45% of the stock is currently owned by 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.
Receive News & Ratings for Cognex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognex Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.