Cognex (CGNX) Lifted to “Sell” at BidaskClub

Cognex (NASDAQ:CGNX) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Several other research analysts have also issued reports on the company. Daiwa Capital Markets set a $49.00 target price on Cognex and gave the company a “buy” rating in a research report on Thursday. Zacks Investment Research upgraded Cognex from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Morgan Stanley dropped their target price on Cognex from $52.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 30th. Needham & Company LLC dropped their target price on Cognex from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, October 30th. Finally, DA Davidson initiated coverage on Cognex in a research report on Tuesday, October 2nd. They set a “neutral” rating and a $57.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. Cognex has an average rating of “Hold” and an average price target of $51.55.

NASDAQ CGNX traded up $0.20 during trading hours on Friday, hitting $46.57. 2,157,007 shares of the company were exchanged, compared to its average volume of 1,857,677. Cognex has a 52 week low of $36.16 and a 52 week high of $72.99. The stock has a market capitalization of $8.02 billion, a P/E ratio of 32.12, a PEG ratio of 2.58 and a beta of 1.90.

Cognex (NASDAQ:CGNX) last issued its quarterly earnings data on Monday, October 29th. The scientific and technical instruments company reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Cognex had a return on equity of 20.88% and a net margin of 18.52%. The company had revenue of $232.22 million for the quarter, compared to analysts’ expectations of $227.15 million. During the same period in the previous year, the firm posted $1.14 earnings per share. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, equities analysts predict that Cognex will post 1.2 EPS for the current year.

Cognex announced that its Board of Directors has initiated a share repurchase plan on Monday, October 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the scientific and technical instruments company to buy up to 2.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, Director Anthony Sun sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $53.01, for a total value of $530,100.00. Following the completion of the sale, the director now owns 284,262 shares in the company, valued at $15,068,728.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jerry A. Schneider sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $54.29, for a total value of $271,450.00. Following the completion of the sale, the director now owns 7,000 shares of the company’s stock, valued at approximately $380,030. The disclosure for this sale can be found here. Insiders sold 25,000 shares of company stock valued at $1,361,950 in the last quarter. 5.40% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CGNX. BlackRock Inc. lifted its holdings in Cognex by 6.3% during the second quarter. BlackRock Inc. now owns 17,769,276 shares of the scientific and technical instruments company’s stock worth $792,687,000 after buying an additional 1,060,494 shares during the period. Bank of New York Mellon Corp lifted its holdings in Cognex by 15.8% during the second quarter. Bank of New York Mellon Corp now owns 8,260,702 shares of the scientific and technical instruments company’s stock worth $368,509,000 after buying an additional 1,124,420 shares during the period. Janus Henderson Group PLC lifted its holdings in Cognex by 103.1% during the second quarter. Janus Henderson Group PLC now owns 4,797,355 shares of the scientific and technical instruments company’s stock worth $214,025,000 after buying an additional 2,435,314 shares during the period. Eagle Asset Management Inc. lifted its holdings in Cognex by 41.4% during the second quarter. Eagle Asset Management Inc. now owns 3,345,230 shares of the scientific and technical instruments company’s stock worth $149,230,000 after buying an additional 980,194 shares during the period. Finally, Joho Capital LLC lifted its holdings in Cognex by 24.1% during the second quarter. Joho Capital LLC now owns 3,069,024 shares of the scientific and technical instruments company’s stock worth $136,909,000 after buying an additional 595,358 shares during the period. Hedge funds and other institutional investors own 90.25% of the company’s stock.

About Cognex

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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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