Cognex (NASDAQ:CGNX) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Cognex (NASDAQ:CGNX) from a hold rating to a buy rating in a report issued on Saturday, June 29th, BidAskClub reports.

Several other brokerages have also weighed in on CGNX. Gordon Haskett initiated coverage on Cognex in a report on Wednesday, April 17th. They issued a hold rating and a $54.00 price objective for the company. Zacks Investment Research lowered Guaranty Federal Bancshares from a hold rating to a sell rating in a report on Tuesday, April 23rd. Needham & Company LLC upped their price objective on Ceridian HCM to $60.00 and gave the company a buy rating in a report on Tuesday, April 30th. Morgan Stanley set a $226.00 target price on S&P Global and gave the company a hold rating in a report on Friday, May 3rd. Finally, Sanford C. Bernstein downgraded Encana from an outperform rating to a market perform rating in a report on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $50.36.

CGNX traded down $0.25 during trading on Friday, reaching $42.31. 1,384,889 shares of the company were exchanged, compared to its average volume of 1,166,478. The firm has a market capitalization of $7.26 billion, a PE ratio of 34.12, a P/E/G ratio of 2.83 and a beta of 2.05. The business’s 50 day moving average price is $44.30. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.46 and a current ratio of 8.31. Cognex has a 52 week low of $34.88 and a 52 week high of $59.18.

Cognex (NASDAQ:CGNX) last issued its quarterly earnings data on Monday, April 29th. The scientific and technical instruments company reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. Cognex had a return on equity of 18.90% and a net margin of 26.55%. The firm had revenue of $173.50 million during the quarter, compared to the consensus estimate of $172.16 million. During the same period in the prior year, the business earned $0.21 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. On average, analysts forecast that Cognex will post 1 earnings per share for the current year.

In other news, insider John J. Curran sold 50,000 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $49.01, for a total transaction of $2,450,500.00. Following the transaction, the insider now owns 12,500 shares of the company’s stock, valued at approximately $612,625. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.60% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CGNX. Janus Henderson Group PLC increased its holdings in shares of Cognex by 73.5% during the 1st quarter. Janus Henderson Group PLC now owns 5,351,993 shares of the scientific and technical instruments company’s stock valued at $272,203,000 after acquiring an additional 2,268,034 shares during the last quarter. Norges Bank acquired a new position in shares of Cognex during the 4th quarter valued at about $68,154,000. Fundsmith LLP bought a new stake in Cognex during the 4th quarter valued at approximately $39,953,000. Artisan Partners Limited Partnership boosted its stake in Cognex by 48.0% during the 1st quarter. Artisan Partners Limited Partnership now owns 2,607,272 shares of the scientific and technical instruments company’s stock valued at $132,606,000 after purchasing an additional 846,090 shares during the period. Finally, Fiera Capital Corp boosted its stake in Cognex by 116.9% during the 1st quarter. Fiera Capital Corp now owns 903,639 shares of the scientific and technical instruments company’s stock valued at $45,959,000 after purchasing an additional 487,039 shares during the period. 94.49% of the stock is currently owned by institutional investors and hedge funds.

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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