Cognex Corporation (NASDAQ:CGNX) was downgraded by equities research analysts at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a research report issued on Wednesday, November 8th, Marketbeat Ratings reports. They presently have a $125.00 price target on the scientific and technical instruments company’s stock. J P Morgan Chase & Co’s target price would indicate a potential downside of 12.73% from the company’s current price.
CGNX has been the topic of several other reports. Zacks Investment Research upgraded shares of Cognex from a “hold” rating to a “buy” rating and set a $118.00 target price on the stock in a research report on Wednesday, August 2nd. BidaskClub upgraded shares of Cognex from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. Robert W. Baird upped their target price on shares of Cognex from $100.00 to $124.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Canaccord Genuity increased their price target on shares of Cognex from $95.00 to $120.00 and gave the company a “hold” rating in a research report on Tuesday, October 31st. Finally, Cowen Inc reiterated an “outperform” rating and issued a $135.00 price target (up from $100.00) on shares of Cognex in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $106.88.
Cognex (NASDAQ:CGNX) opened at $143.23 on Wednesday. The stock has a market cap of $12,501.37, a PE ratio of 53.28 and a beta of 1.48. Cognex has a 1-year low of $57.42 and a 1-year high of $145.98.
Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, October 30th. The scientific and technical instruments company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.09. The firm had revenue of $259.74 million during the quarter, compared to analysts’ expectations of $255.95 million. Cognex had a net margin of 34.77% and a return on equity of 23.31%. The firm’s revenue for the quarter was up 75.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.61 earnings per share. analysts anticipate that Cognex will post 2.77 EPS for the current fiscal year.
In other Cognex news, Director Theodor Krantz sold 15,000 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $134.05, for a total transaction of $2,010,750.00. Following the transaction, the director now owns 26,250 shares of the company’s stock, valued at $3,518,812.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John J. Curran sold 12,500 shares of the firm’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $132.60, for a total transaction of $1,657,500.00. Following the completion of the transaction, the insider now directly owns 6,250 shares in the company, valued at approximately $828,750. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 150,750 shares of company stock worth $19,125,325. 5.60% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CGNX. Daiwa Securities Group Inc. acquired a new position in Cognex during the 2nd quarter worth $102,000. Meeder Asset Management Inc. acquired a new position in Cognex during the 2nd quarter worth $135,000. Huntington National Bank grew its holdings in Cognex by 67.3% during the 3rd quarter. Huntington National Bank now owns 1,367 shares of the scientific and technical instruments company’s stock worth $151,000 after acquiring an additional 550 shares in the last quarter. IFP Advisors Inc grew its holdings in Cognex by 46.8% during the 2nd quarter. IFP Advisors Inc now owns 1,919 shares of the scientific and technical instruments company’s stock worth $163,000 after acquiring an additional 612 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in Cognex by 2.4% during 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 acquiring an additional 47 shares in the last quarter. 86.12% of the stock is owned by institutional investors and hedge funds.
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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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