Cognex’s (CGNX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cognex (NASDAQ:CGNX) in a research note issued to investors on Thursday morning, Marketbeat reports. Needham & Company LLC currently has a $47.00 price objective on the scientific and technical instruments company’s stock, up from their previous price objective of $45.00.

Other research analysts also recently issued research reports about the stock. Morgan Stanley cut their target price on shares of Cognex from $52.00 to $40.00 and set an equal weight rating on the stock in a research report on Tuesday, October 30th. Northcoast Research downgraded shares of Cognex from a buy rating to a neutral rating and set a $54.00 target price on the stock. in a research report on Friday, August 24th. They noted that the move was a valuation call. DA Davidson assumed coverage on shares of Cognex in a research report on Tuesday, October 2nd. They set a neutral rating and a $57.00 target price on the stock. BidaskClub downgraded shares of Cognex from a buy rating to a hold rating in a research report on Tuesday, October 2nd. Finally, Zacks Investment Research downgraded shares of Cognex from a buy rating to a hold rating in a research report on Tuesday, August 28th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $51.93.

NASDAQ CGNX opened at $39.66 on Thursday. The stock has a market cap of $6.83 billion, a price-to-earnings ratio of 27.35, a price-to-earnings-growth ratio of 2.20 and a beta of 1.90. Cognex has a one year low of $36.16 and a one year high of $70.00.



Cognex (NASDAQ:CGNX) last posted its earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. The business had revenue of $232.22 million for the quarter, compared to the consensus estimate of $227.15 million. Cognex had a net margin of 18.52% and a return on equity of 20.88%. The company’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.14 EPS. As a group, equities research analysts expect that Cognex will post 1.2 earnings per share for the current fiscal year.

Cognex declared that its Board of Directors has initiated a share repurchase program on Monday, October 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to reacquire up to 2.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Friday, November 16th were given a $0.05 dividend. The ex-dividend date was Thursday, November 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.50%. This is an increase from Cognex’s previous quarterly dividend of $0.05. Cognex’s payout ratio is presently 13.79%.

Several institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in shares of Cognex by 5.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 21,502 shares of the scientific and technical instruments company’s stock worth $960,000 after buying an additional 1,104 shares during the last quarter. KBC Group NV grew its position in shares of Cognex by 2.8% in the 2nd quarter. KBC Group NV now owns 42,494 shares of the scientific and technical instruments company’s stock worth $1,896,000 after buying an additional 1,144 shares during the last quarter. Intrust Bank NA grew its position in Cognex by 11.7% during the 2nd quarter. Intrust Bank NA now owns 13,085 shares of the scientific and technical instruments company’s stock worth $583,000 after purchasing an additional 1,366 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its position in Cognex by 16.4% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 9,822 shares of the scientific and technical instruments company’s stock worth $548,000 after purchasing an additional 1,382 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Cognex by 20.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 8,325 shares of the scientific and technical instruments company’s stock worth $465,000 after purchasing an additional 1,425 shares during the last quarter. 91.02% of the stock is currently owned by hedge funds and other institutional investors.

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. The company offers machine vision products, which are used to automate the manufacturing 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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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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