Cognex (CGNX) Downgraded by ValuEngine to “Sell”

ValuEngine lowered shares of Cognex (NASDAQ:CGNX) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.

Several other analysts also recently weighed in on the stock. J P Morgan Chase & Co downgraded shares of Cognex from a neutral rating to an underweight rating and set a $62.50 price target for the company. in a research note on Wednesday, November 8th. Canaccord Genuity lifted their price target on shares of Cognex from $47.50 to $60.00 and gave the company a hold rating in a research note on Tuesday, October 31st. Wolfe Research raised shares of Cognex from a market perform rating to an outperform rating in a research note on Monday, August 14th. Zacks Investment Research downgraded shares of Cognex from a strong-buy rating to a hold rating in a research note on Tuesday, October 3rd. Finally, Robert W. Baird lifted their price target on shares of Cognex from $50.00 to $62.00 and gave the company a neutral rating in a research note on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $60.17.

Cognex (NASDAQ CGNX) traded down $0.67 during trading on Thursday, hitting $63.71. 159,484 shares of the stock traded hands, compared to its average volume of 1,581,413. Cognex has a 1 year low of $31.18 and a 1 year high of $72.99. The company has a market capitalization of $11,148.89, a P/E ratio of 47.51 and a beta of 1.50.

Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, October 30th. The scientific and technical instruments company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.05. Cognex had a net margin of 34.77% and a return on equity of 23.31%. The firm had revenue of $259.74 million during the quarter, compared to the consensus estimate of $255.95 million. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s revenue was up 75.6% on a year-over-year basis. equities research analysts forecast that Cognex will post 1.39 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were paid a $0.045 dividend. This represents a $0.18 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date was Thursday, November 16th. Cognex’s dividend payout ratio (DPR) is 13.28%.

In related news, CEO Robert Willett sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $127.19, for a total value of $12,719,000.00. Following the completion of the transaction, the chief executive officer now owns 100,000 shares of the company’s stock, valued at $12,719,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Patrick Alias sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $143.54, for a total transaction of $717,700.00. The disclosure for this sale can be found here. Insiders sold 148,750 shares of company stock valued at $19,097,525 in the last three months. 5.60% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its position in shares of Cognex by 126.7% during the second quarter. Ameriprise Financial Inc. now owns 2,342,312 shares of the scientific and technical instruments company’s stock worth $198,864,000 after purchasing an additional 1,309,047 shares in the last quarter. Coatue Management LLC acquired a new position in shares of Cognex during the second quarter worth $87,064,000. Harding Loevner LP increased its position in shares of Cognex by 50.1% during the third quarter. Harding Loevner LP now owns 2,835,891 shares of the scientific and technical instruments company’s stock worth $135,890,000 after purchasing an additional 947,119 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of Cognex during the second quarter worth $31,281,000. Finally, Whale Rock Capital Management LLC increased its position in shares of Cognex by 124.9% during the third quarter. Whale Rock Capital Management LLC now owns 451,928 shares of the scientific and technical instruments company’s stock worth $49,839,000 after purchasing an additional 250,946 shares in the last quarter. 84.25% of the stock is owned by institutional investors.

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Cognex Company Profile

Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company operates through the machine vision technology segment. The Company’s machine vision products are used to automate the manufacture 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Cognex (NASDAQ:CGNX)

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