Cognex (CGNX) Lowered to Sell at Zacks Investment Research
Cognex (NASDAQ:CGNX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Cognex Corporation designs, develops, manufactures, and markets machine vision systems, or computers that can see. Cognex is the world’s leader in the machine vision industry, having shipped more than 200,000 vision systems, representing nearly $1.5 billion in cumulative revenue, since the company’s founding time. Cognex’s Modular Vision Systems Division, headquartered in Natick, Massachusetts, specializes in machine vision systems that are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex’s Surface Inspection Systems Division, headquartered in Alameda, California, specializes in machine vision systems that are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, papers and plastics. “
CGNX has been the topic of a number of other research reports. JPMorgan Chase & Co. cut shares of Cognex from a “neutral” rating to an “underweight” rating and set a $62.50 target price on the stock. in a research report on Wednesday, November 8th. ValuEngine cut shares of Cognex from a “hold” rating to a “sell” rating in a research report on Thursday, December 7th. Robert W. Baird upped their target price on shares of Cognex from $50.00 to $62.00 and gave the company a “neutral” rating in a research report on Tuesday, October 31st. BidaskClub cut shares of Cognex from a “buy” rating to a “hold” rating in a research report on Thursday, December 7th. Finally, Canaccord Genuity upped their target price on shares of Cognex from $47.50 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, October 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $60.17.
Cognex (NASDAQ:CGNX) last posted its earnings results on Monday, October 30th. The scientific and technical instruments company reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.05. Cognex had a net margin of 34.77% and a return on equity of 23.31%. The company had revenue of $259.74 million for the quarter, compared to analysts’ expectations of $255.95 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. Cognex’s revenue for the quarter was up 75.6% compared to the same quarter last year. sell-side analysts expect that Cognex will post 1.39 EPS for the current fiscal year.
In other news, Director Jeffrey Benjamin Miller sold 7,500 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $124.23, for a total transaction of $931,725.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John J. Curran sold 12,500 shares of the stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $132.60, for a total transaction of $1,657,500.00. Following the sale, 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. Insiders have sold 143,750 shares of company stock worth $18,540,975 in the last three months. Corporate insiders own 5.60% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its stake in shares of Cognex by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 133,670 shares of the scientific and technical instruments company’s stock worth $11,349,000 after buying an additional 2,551 shares during the period. LMR Partners LLP purchased a new stake in shares of Cognex during the third quarter worth approximately $8,308,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Cognex during the third quarter worth approximately $841,000. Eagle Boston Investment Management Inc. purchased a new stake in shares of Cognex during the third quarter worth approximately $265,000. Finally, State Street Corp increased its stake in shares of Cognex by 2.2% during the second quarter. State Street Corp now owns 2,169,073 shares of the scientific and technical instruments company’s stock worth $184,153,000 after buying an additional 45,840 shares during the period. 42.10% of the stock is currently 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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