Cognex (NASDAQ:CGNX) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Cognex (NASDAQ:CGNX) from a hold rating to a buy rating in a research note released on Thursday morning, BidAskClub reports.

A number of other equities analysts also recently commented on the stock. Morgan Stanley raised their price objective on shares of Cognex from $39.00 to $55.00 and gave the stock an underweight rating in a report on Friday, July 31st. Daiwa Capital Markets downgraded shares of Cognex from an outperform rating to a neutral rating in a report on Friday, September 4th. Robert W. Baird downgraded shares of Cognex from a neutral rating to an underperform rating and raised their price objective for the stock from $44.00 to $45.00 in a report on Tuesday, June 2nd. Zacks Investment Research downgraded shares of Cognex from a hold rating to a sell rating in a report on Wednesday, July 1st. Finally, Wolfe Research started coverage on shares of Cognex in a report on Tuesday, August 25th. They set an underperform rating and a $47.00 price target for the company. Six investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $52.82.

NASDAQ CGNX opened at $61.52 on Thursday. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of 75.95 and a beta of 1.67. The company’s fifty day moving average is $66.04 and its two-hundred day moving average is $56.71. Cognex has a 52-week low of $35.20 and a 52-week high of $71.76.

Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Wednesday, July 29th. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.11). The company had revenue of $169.10 million during the quarter, compared to analyst estimates of $149.90 million. Cognex had a return on equity of 10.67% and a net margin of 20.50%. The business’s revenue for the quarter was down 15.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. Sell-side analysts forecast that Cognex will post 0.75 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a $0.055 dividend. This represents a $0.22 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend was Thursday, August 13th. Cognex’s payout ratio is presently 18.97%.

In other Cognex news, CEO Robert Willett sold 100,000 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $65.93, for a total value of $6,593,000.00. Following the completion of the sale, the chief executive officer now owns 100,000 shares in the company, valued at approximately $6,593,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerry A. Schneider sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $66.73, for a total transaction of $333,650.00. Following the completion of the sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $333,650. The disclosure for this sale can be found here. Insiders sold a total of 479,522 shares of company stock valued at $32,446,379 in the last 90 days. Corporate insiders own 5.20% of the company’s stock.

Several large investors have recently modified their holdings of CGNX. Creative Financial Designs Inc. ADV acquired a new stake in shares of Cognex during the 2nd quarter worth approximately $26,000. Orion Portfolio Solutions LLC grew its position in shares of Cognex by 42.8% during the 2nd quarter. Orion Portfolio Solutions LLC now owns 604 shares of the scientific and technical instruments company’s stock worth $36,000 after buying an additional 181 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in shares of Cognex during the 2nd quarter worth approximately $45,000. Allworth Financial LP acquired a new stake in shares of Cognex during the 2nd quarter worth approximately $48,000. Finally, Barrett Asset Management LLC acquired a new stake in shares of Cognex during the 2nd quarter worth approximately $48,000. Institutional investors own 93.62% of the company’s stock.

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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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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