Zacks Investment Research Lowers Cognex (NASDAQ:CGNX) to Sell

Cognex (NASDAQ:CGNX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a research note issued to investors on Tuesday, January 2nd.

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. “

Other analysts have also recently issued reports about the company. BidaskClub cut Cognex from a “buy” rating to a “hold” rating in a report on Thursday, December 7th. Canaccord Genuity upped their target price on Cognex from $47.50 to $60.00 and gave the company a “hold” rating in a report on Tuesday, October 31st. Robert W. Baird increased their price target on Cognex from $50.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. ValuEngine cut Cognex from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Finally, JPMorgan Chase & Co. cut Cognex from a “neutral” rating to an “underweight” rating and set a $62.50 price target for the company. in a report on Wednesday, November 8th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $60.17.

Shares of Cognex (CGNX) opened at $67.91 on Tuesday. The stock has a market capitalization of $11,760.00, a price-to-earnings ratio of 49.93 and a beta of 1.50. Cognex has a twelve month low of $32.05 and a twelve month high of $72.99.

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

In related news, CEO Robert Willett sold 100,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $127.19, for a total transaction of $12,719,000.00. Following the completion of the transaction, the chief executive officer now directly owns 100,000 shares in the company, valued at approximately $12,719,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick Alias sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $143.54, for a total value of $717,700.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 143,750 shares of company stock valued at $18,540,975. Company insiders own 5.60% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Huntington National Bank boosted its holdings in Cognex by 67.3% during the 3rd quarter. Huntington National Bank now owns 1,367 shares of the scientific and technical instruments company’s stock valued at $151,000 after acquiring an additional 550 shares during the period. Private Advisor Group LLC purchased a new position in Cognex during the 3rd quarter valued at about $214,000. Coldstream Capital Management Inc. purchased a new position in Cognex during the 3rd quarter valued at about $203,000. Empirical Finance LLC purchased a new position in Cognex during the 3rd quarter valued at about $209,000. Finally, Wealthsource Partners LLC purchased a new position in Cognex during the 3rd quarter valued at about $212,000. Institutional investors own 42.10% of the company’s stock.

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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.

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