Cognex (NASDAQ:CGNX) Issues Earnings Results

Cognex (NASDAQ:CGNX) issued its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05, FiscalAI reports. The business had revenue of $252.34 million for the quarter, compared to the consensus estimate of $238.92 million. Cognex had a net margin of 11.33% and a return on equity of 8.26%.

Cognex Price Performance

Shares of NASDAQ CGNX traded down $0.55 during midday trading on Wednesday, reaching $43.03. 2,945,518 shares of the stock traded hands, compared to its average volume of 1,751,660. The company’s 50 day moving average is $38.53 and its 200 day moving average is $41.18. Cognex has a one year low of $22.67 and a one year high of $49.76. The stock has a market capitalization of $7.21 billion, a PE ratio of 67.24 and a beta of 1.53.

Hedge Funds Weigh In On Cognex

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Brevan Howard Capital Management LP grew its position in Cognex by 203.9% in the second quarter. Brevan Howard Capital Management LP now owns 24,422 shares of the scientific and technical instruments company’s stock worth $775,000 after acquiring an additional 16,385 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Cognex by 90.8% in the 3rd quarter. Franklin Resources Inc. now owns 15,987 shares of the scientific and technical instruments company’s stock valued at $724,000 after purchasing an additional 7,610 shares during the last quarter. Two Sigma Securities LLC purchased a new position in shares of Cognex in the 2nd quarter worth approximately $675,000. Boothbay Fund Management LLC bought a new position in shares of Cognex during the 2nd quarter valued at approximately $604,000. Finally, Corient Private Wealth LLC raised its holdings in Cognex by 13.4% during the 2nd quarter. Corient Private Wealth LLC now owns 18,556 shares of the scientific and technical instruments company’s stock valued at $589,000 after buying an additional 2,195 shares during the period. 88.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CGNX shares. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $35.00 target price (down previously from $45.00) on shares of Cognex in a report on Wednesday, December 3rd. UBS Group reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Cognex in a research note on Friday, October 31st. Robert W. Baird set a $45.00 target price on Cognex in a research note on Friday, October 31st. DA Davidson set a $38.00 price target on Cognex and gave the stock a “neutral” rating in a research note on Monday, November 3rd. Finally, Barclays set a $54.00 price objective on shares of Cognex and gave the company an “overweight” rating in a report on Monday, January 12th. Eight research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.64.

About Cognex

Cognex Corporation is a leading provider of machine vision systems, software, sensors and industrial barcode readers used to automate manufacturing, logistics and distribution processes. The company designs and develops vision-based products that help manufacturers and logistics operators inspect, identify and guide parts, assemblies and packaged goods in real time. Its solutions are applied in a broad range of industries, including automotive, electronics, semiconductor, pharmaceutical, food and beverage, and general manufacturing.

The company’s product portfolio includes stand-alone vision systems, vision sensors and deep learning-based software platforms that enable automated inspection, quality control and traceability.