Cognex (NASDAQ:CGNX) Issues Quarterly Earnings Results

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

Cognex Price Performance

NASDAQ:CGNX traded down $10.54 during mid-day trading on Thursday, reaching $39.08. The company’s stock had a trading volume of 6,252,497 shares, compared to its average volume of 1,345,613. The stock has a market cap of $6.71 billion, a P/E ratio of 67.38 and a beta of 1.42. The company’s fifty day simple moving average is $47.48 and its two-hundred day simple moving average is $42.97. Cognex has a twelve month low of $34.28 and a twelve month high of $53.13.

Analyst Ratings Changes

Several equities analysts recently issued reports on CGNX shares. HSBC raised Cognex from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Tuesday, May 7th. Truist Financial increased their price objective 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. StockNews.com cut shares of Cognex from a “hold” rating to a “sell” rating in a research report on Thursday. Sanford C. Bernstein increased their price target on shares of Cognex from $52.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Finally, Stephens lifted their price objective on Cognex from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price 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.