Cognex (NASDAQ:CGNX) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Cognex (NASDAQ:CGNX) from a hold rating to a sell rating in a report released on Wednesday morning, Zacks.com reports.

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. “

A number of other brokerages have also recently issued reports on CGNX. Goldman Sachs Group cut Cognex from a neutral rating to a sell rating and decreased their target price for the stock from $45.00 to $36.00 in a report on Tuesday, July 16th. Morgan Stanley decreased their target price on Cognex from $47.00 to $43.00 and set an equal weight rating for the company in a report on Wednesday, July 10th. Cowen reiterated an outperform rating and set a $60.00 target price (up previously from $50.00) on shares of Cognex in a report on Monday, September 23rd. ValuEngine cut Cognex from a sell rating to a strong sell rating in a report on Monday, October 14th. Finally, BidaskClub upgraded Cognex from a hold rating to a buy rating in a report on Saturday, September 14th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $50.09.

Shares of NASDAQ:CGNX opened at $51.04 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.07 and a current ratio of 7.92. Cognex has a 1 year low of $34.88 and a 1 year high of $57.31. The stock has a market capitalization of $8.67 billion, a P/E ratio of 41.16 and a beta of 2.08. The stock has a 50-day simple moving average of $48.06 and a 200-day simple moving average of $46.75.

Cognex (NASDAQ:CGNX) last issued its earnings results on Monday, July 29th. The scientific and technical instruments company reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.05. Cognex had a return on equity of 17.81% and a net margin of 26.03%. The business had revenue of $199.00 million during the quarter, compared to analysts’ expectations of $194.65 million. During the same quarter in the previous year, the business earned $0.31 EPS. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. Analysts predict that Cognex will post 0.86 earnings per share for the current year.

In other Cognex news, Director Dianne M. Parrotte sold 900 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total value of $40,500.00. Following the completion of the transaction, the director now owns 19,700 shares in the company, valued at approximately $886,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.60% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stephens Investment Management Group LLC boosted its holdings in Cognex by 8.6% in the 3rd quarter. Stephens Investment Management Group LLC now owns 995,359 shares of the scientific and technical instruments company’s stock worth $48,902,000 after acquiring an additional 78,900 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cognex by 6.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,888 shares of the scientific and technical instruments company’s stock worth $1,567,000 after acquiring an additional 1,853 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Cognex by 5.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 133,949 shares of the scientific and technical instruments company’s stock valued at $6,581,000 after buying an additional 6,586 shares during the last quarter. Schwab Charitable Fund boosted its stake in shares of Cognex by 8.9% during the 3rd quarter. Schwab Charitable Fund now owns 4,790 shares of the scientific and technical instruments company’s stock valued at $235,000 after buying an additional 390 shares during the last quarter. Finally, Advisor Partners LLC boosted its stake in shares of Cognex by 16.2% during the 3rd quarter. Advisor Partners LLC now owns 5,827 shares of the scientific and technical instruments company’s stock valued at $286,000 after buying an additional 811 shares during the last quarter. Hedge funds and other institutional investors own 91.59% 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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