Cognex (NASDAQ:CGNX) Issues Earnings Results, Beats Estimates By $0.03 EPS

Cognex (NASDAQ:CGNX) posted its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03, Zacks reports. Cognex had a net margin of 11.76% and a return on equity of 6.81%. The firm had revenue of $239.00 million during the quarter, compared to analyst estimates of $240.33 million. During the same quarter last year, the business posted $0.32 EPS. The company’s revenue was down 1.6% on a year-over-year basis. Cognex updated its Q3 2024 guidance to EPS.

Cognex Stock Performance

Shares of Cognex stock traded down $10.54 during midday trading on Thursday, reaching $39.08. 6,252,497 shares of the company’s stock traded hands, compared to its average volume of 1,345,613. The company has a market cap of $6.71 billion, a price-to-earnings ratio of 67.38 and a beta of 1.42. Cognex has a 52 week low of $34.28 and a 52 week high of $53.13. The company’s 50 day simple moving average is $47.48 and its 200 day simple moving average is $42.97.

Analysts Set New Price Targets

A number of equities analysts recently commented on CGNX shares. Sanford C. Bernstein raised their price objective on shares of Cognex from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. StockNews.com lowered shares of Cognex from a “hold” rating to a “sell” rating in a research note on Thursday. Needham & Company LLC lifted their target price on shares of Cognex from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Monday. Stephens lifted their target price on shares of Cognex from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Finally, Truist Financial lifted their target price on shares of Cognex from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cognex currently has a consensus rating of “Hold” and an average price target of $50.79.

About Cognex

Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.