Cognex Sees Unusually Large Options Volume (NASDAQ:CGNX)

Cognex Co. (NASDAQ:CGNX) was the recipient of some unusual options trading on Tuesday. Investors bought 3,036 call options on the company. This represents an increase of 1,822% compared to the typical daily volume of 158 call options.

CGNX has been the topic of several recent research reports. BidaskClub raised Cognex from a “hold” rating to a “buy” rating in a research note on Tuesday, December 17th. Cowen reiterated an “outperform” rating and set a $60.00 price target (up previously from $50.00) on shares of Cognex in a report on Monday, September 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Cognex in a report on Tuesday, October 29th. Daiwa Capital Markets set a $53.00 price target on Cognex and gave the stock a “hold” rating in a report on Tuesday, September 24th. Finally, UBS Group began coverage on Cognex in a report on Thursday, December 12th. They set a “neutral” rating and a $52.00 price target for the company. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $50.27.

In related news, Director Theodor Krantz sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $51.87, for a total transaction of $1,556,100.00. Following the sale, the director now owns 52,500 shares of the company’s stock, valued at approximately $2,723,175. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert Willett sold 19,408 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $53.86, for a total value of $1,045,314.88. Following the sale, the chief executive officer now directly owns 19,408 shares in the company, valued at approximately $1,045,314.88. The disclosure for this sale can be found here. Insiders sold a total of 466,202 shares of company stock worth $24,246,619 over the last quarter. Corporate insiders own 5.60% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CGNX. Bartlett & Co. LLC purchased a new position in shares of Cognex during the third quarter valued at approximately $25,000. Lenox Wealth Advisors LLC purchased a new stake in Cognex during the fourth quarter valued at approximately $45,000. Quadrant Capital Group LLC increased its holdings in Cognex by 622.3% during the third quarter. Quadrant Capital Group LLC now owns 1,199 shares of the scientific and technical instruments company’s stock valued at $56,000 after buying an additional 1,033 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in Cognex during the third quarter valued at approximately $61,000. Finally, Cornerstone Advisors Inc. increased its holdings in Cognex by 42.7% during the third quarter. Cornerstone Advisors Inc. now owns 1,408 shares of the scientific and technical instruments company’s stock valued at $69,000 after buying an additional 421 shares during the last quarter. 91.38% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ CGNX traded up $0.13 during midday trading on Wednesday, hitting $56.78. The stock had a trading volume of 8,407 shares, compared to its average volume of 717,011. The business’s 50 day moving average is $54.04 and its 200-day moving average is $48.90. The company has a market cap of $9.68 billion, a P/E ratio of 45.71 and a beta of 2.09. Cognex has a 52 week low of $39.98 and a 52 week high of $57.31. The company has a quick ratio of 6.90, a current ratio of 7.71 and a debt-to-equity ratio of 0.01.

Cognex (NASDAQ:CGNX) last released its quarterly earnings data on Monday, October 28th. The scientific and technical instruments company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.03. Cognex had a net margin of 22.55% and a return on equity of 14.21%. The firm had revenue of $183.33 million during the quarter, compared to analysts’ expectations of $177.78 million. During the same period in the previous year, the company earned $0.45 earnings per share. The firm’s quarterly revenue was down 21.1% on a year-over-year basis. As a group, analysts expect that Cognex will post 0.82 EPS for the current fiscal year.

Cognex Company Profile

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.

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