Cognex Corporation (CGNX) Rating Lowered to Hold at Zacks Investment Research
Cognex Corporation (NASDAQ:CGNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. “
A number of other analysts have also recently issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of Cognex Corporation in a research note on Tuesday, March 21st. 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) initiated coverage on shares of Cognex Corporation in a research note on Monday, April 3rd. They set a “buy” rating for the company. Cowen and Company cut their target price on shares of Cognex Corporation from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, May 2nd. Finally, Canaccord Genuity restated a “hold” rating and set a $80.00 target price (up previously from $65.00) on shares of Cognex Corporation in a research note on Wednesday, May 3rd. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $73.22.
Cognex Corporation (NASDAQ CGNX) traded up 1.07% on Monday, hitting $89.75. 132,842 shares of the stock traded hands. Cognex Corporation has a 52 week low of $43.20 and a 52 week high of $97.99. The firm’s 50 day moving average is $90.61 and its 200 day moving average is $81.62. The stock has a market cap of $7.78 billion, a price-to-earnings ratio of 43.67 and a beta of 1.41.
Cognex Corporation declared that its board has approved a share repurchase program on Monday, May 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the scientific and technical instruments company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
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In other Cognex Corporation news, Director Theodor Krantz sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $96.09, for a total value of $720,675.00. Following the transaction, the director now directly owns 26,250 shares of the company’s stock, valued at approximately $2,522,362.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Willett sold 55,919 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 55,919 shares in the company, valued at $5,129,449.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 107,500 shares of company stock worth $9,808,143. 5.60% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in CGNX. BlackRock Inc. raised its position 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 in the last quarter. Vanguard Group Inc. raised its position 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 in the last quarter. State Street Corp raised its position 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 in the last quarter. OppenheimerFunds Inc. raised its position 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Cognex Corporation by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 1,039,767 shares of the scientific and technical instruments company’s stock valued at $87,290,000 after buying an additional 35,584 shares in the last quarter. 88.24% of the stock is currently owned by hedge funds and other 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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