BidaskClub Upgrades Cognex (CGNX) to Hold

Cognex (NASDAQ:CGNX) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

Other analysts also recently issued research reports about the stock. Morgan Stanley decreased their price target on shares of Cognex from $52.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 30th. Northcoast Research downgraded shares of Cognex from a “buy” rating to a “neutral” rating and set a $54.00 price target for the company. in a research report on Friday, August 24th. They noted that the move was a valuation call. DA Davidson began coverage on shares of Cognex in a research report on Tuesday, October 2nd. They set a “neutral” rating and a $57.00 price target for the company. Zacks Investment Research downgraded shares of Cognex from a “buy” rating to a “hold” rating in a research report on Tuesday, August 28th. Finally, Berenberg Bank began coverage on shares of Cognex in a research report on Monday, November 19th. They set a “buy” rating and a $54.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.76.

Shares of NASDAQ:CGNX opened at $43.92 on Wednesday. Cognex has a 52-week low of $36.16 and a 52-week high of $70.00. The company has a market capitalization of $7.75 billion, a price-to-earnings ratio of 35.16, a PEG ratio of 2.50 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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Cognex had a net margin of 18.52% and a return on equity of 20.88%. The company had revenue of $232.22 million during the quarter, compared to the consensus estimate of $227.15 million. During the same quarter last year, the company earned $1.14 earnings per share. Cognex’s revenue for the quarter was down 12.7% on a year-over-year basis. Equities research analysts forecast that Cognex will post 1.2 EPS for the current fiscal year.

Cognex declared that its Board of Directors has initiated a stock buyback program on Monday, October 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the scientific and technical instruments company to purchase up to 2.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, Director Jerry A. Schneider sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $54.29, for a total transaction of $271,450.00. Following the transaction, the director now directly owns 7,000 shares in the company, valued at $380,030. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anthony Sun sold 10,000 shares of the firm’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $56.04, for a total value of $560,400.00. Following the transaction, the director now owns 264,262 shares in the company, valued at $14,809,242.48. The disclosure for this sale can be found here. Company insiders own 5.40% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in Cognex by 0.4% during the third quarter. BlackRock Inc. now owns 17,842,060 shares of the scientific and technical instruments company’s stock worth $995,944,000 after purchasing an additional 72,784 shares during the last quarter. Vanguard Group Inc. lifted its stake in Cognex by 0.7% during the third quarter. Vanguard Group Inc. now owns 14,774,139 shares of the scientific and technical instruments company’s stock worth $824,693,000 after purchasing an additional 101,127 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Cognex by 3.3% during the third quarter. Bank of New York Mellon Corp now owns 8,529,267 shares of the scientific and technical instruments company’s stock worth $476,104,000 after purchasing an additional 268,565 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Cognex by 2.8% during the third quarter. Janus Henderson Group PLC now owns 4,931,458 shares of the scientific and technical instruments company’s stock worth $275,296,000 after purchasing an additional 134,103 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in Cognex by 5.0% during the third quarter. Neuberger Berman Group LLC now owns 3,560,339 shares of the scientific and technical instruments company’s stock worth $198,738,000 after purchasing an additional 168,345 shares during the last quarter. Hedge funds and other institutional investors own 91.02% 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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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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