Cognex (NASDAQ:CGNX) Posts Earnings Results, Beats Expectations By $0.01 EPS

Cognex (NASDAQ:CGNX) released its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01, FiscalAI reports. Cognex had a net margin of 16.05% and a return on equity of 13.50%. The firm had revenue of $313.39 million for the quarter, compared to the consensus estimate of $313.62 million.

Cognex Price Performance

NASDAQ:CGNX traded down $5.03 during mid-day trading on Wednesday, reaching $53.08. The stock had a trading volume of 4,099,664 shares, compared to its average volume of 2,114,134. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 51.53 and a beta of 1.49. Cognex has a 1-year low of $34.60 and a 1-year high of $72.88. The stock’s 50 day simple moving average is $59.78 and its two-hundred day simple moving average is $57.90.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings raised Cognex from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Citigroup reaffirmed a “neutral” rating and issued a $74.00 target price (up from $72.00) on shares of Cognex in a research report on Friday, August 7th. Truist Financial set a $74.00 target price on Cognex and gave the company a “hold” rating in a research note on Monday, October 5th. The Goldman Sachs Group reiterated a “buy” rating and set a $91.00 target price on shares of Cognex in a research note on Friday, August 7th. Finally, Robert W. Baird decreased their price target on shares of Cognex from $78.00 to $70.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.57.

Cognex Company Profile

Cognex Corporation develops machine vision and industrial identification technologies that help manufacturers and businesses automate inspection, measurement, guidance, and tracking processes. Its systems use cameras, sensors, software, and artificial intelligence to analyze images and identify products, defects, components, and other objects.

The company’s product portfolio includes vision systems, industrial cameras, vision sensors, barcode readers, optical character recognition tools, three-dimensional vision systems, and machine vision software.