Cognex (NASDAQ:CGNX) Lifted to Hold at Zacks Investment Research

Cognex (NASDAQ:CGNX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

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. DA Davidson boosted their target price on Cognex from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Goldman Sachs Group lowered Cognex from a “neutral” rating to a “sell” rating and dropped their target price for the company from $45.00 to $36.00 in a report on Tuesday, July 16th. Cowen reissued an “outperform” rating and issued a $60.00 target price (up previously from $50.00) on shares of Cognex in a report on Monday, September 23rd. Daiwa Capital Markets set a $53.00 target price on Cognex and gave the company a “hold” rating in a report on Tuesday, September 24th. Finally, BidaskClub raised Cognex from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $50.09.

Shares of NASDAQ:CGNX traded down $0.41 during trading on Thursday, reaching $46.84. The company had a trading volume of 635,473 shares, compared to its average volume of 1,194,385. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of 37.77 and a beta of 2.08. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.92 and a quick ratio of 7.07. The stock’s fifty day moving average price is $47.09 and its 200 day moving average price is $46.79. Cognex has a fifty-two week low of $34.88 and a fifty-two week high of $57.31.

Cognex (NASDAQ:CGNX) last released its earnings results on Monday, July 29th. The scientific and technical instruments company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.05. The business had revenue of $199.00 million for the quarter, compared to analyst estimates of $194.65 million. Cognex had a return on equity of 17.81% and a net margin of 26.03%. The company’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 earnings per share. On average, equities analysts anticipate that Cognex will post 0.86 EPS for the current fiscal year.

In related news, Director Dianne M. Parrotte sold 900 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total transaction of $40,500.00. Following the transaction, the director now owns 19,700 shares of the company’s stock, valued at $886,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Pinebridge Investments L.P. grew its holdings in Cognex by 0.9% during the second quarter. Pinebridge Investments L.P. now owns 26,388 shares of the scientific and technical instruments company’s stock worth $1,266,000 after acquiring an additional 232 shares during the period. Nisa Investment Advisors LLC boosted its position in Cognex by 0.8% during the second quarter. Nisa Investment Advisors LLC now owns 33,270 shares of the scientific and technical instruments company’s stock worth $1,596,000 after purchasing an additional 270 shares in the last quarter. Circle Wealth Management LLC boosted its position in Cognex by 4.6% during the second quarter. Circle Wealth Management LLC now owns 7,686 shares of the scientific and technical instruments company’s stock worth $369,000 after purchasing an additional 336 shares in the last quarter. Bellecapital International Ltd. boosted its position in Cognex by 0.6% during the second quarter. Bellecapital International Ltd. now owns 57,550 shares of the scientific and technical instruments company’s stock worth $2,761,000 after purchasing an additional 350 shares in the last quarter. Finally, Huntington National Bank boosted its position in Cognex by 173.6% during the second quarter. Huntington National Bank now owns 632 shares of the scientific and technical instruments company’s stock worth $30,000 after purchasing an additional 401 shares in the last quarter. 91.52% of the stock is currently owned by hedge funds and other institutional investors.

About Cognex

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. It provides machine vision products, which are used to automate the manufacture and tracking of discrete items, including mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

See Also: Return on Equity (ROE)

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