Edgestream Partners L.P. Invests $669,000 in Cognex Corporation $CGNX

Edgestream Partners L.P. bought a new stake in Cognex Corporation (NASDAQ:CGNX) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 13,659 shares of the scientific and technical instruments company’s stock, valued at approximately $669,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Cassaday & Co Wealth Management LLC acquired a new stake in Cognex in the 1st quarter valued at $36,000. CIBC Private Wealth Group LLC lifted its stake in shares of Cognex by 74.8% during the third quarter. CIBC Private Wealth Group LLC now owns 764 shares of the scientific and technical instruments company’s stock worth $35,000 after purchasing an additional 327 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Cognex by 402.2% during the first quarter. Geneos Wealth Management Inc. now owns 919 shares of the scientific and technical instruments company’s stock worth $27,000 after purchasing an additional 736 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Cognex in the fourth quarter worth about $39,000. Finally, Larson Financial Group LLC grew its stake in shares of Cognex by 202.7% in the fourth quarter. Larson Financial Group LLC now owns 1,105 shares of the scientific and technical instruments company’s stock valued at $40,000 after buying an additional 740 shares in the last quarter. 88.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Sanford C. Bernstein reissued an “outperform” rating and set a $75.00 price target on shares of Cognex in a research report on Thursday, May 7th. JPMorgan Chase & Co. raised shares of Cognex from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $65.00 to $75.00 in a research report on Tuesday, May 26th. Needham & Company LLC lifted their price objective on shares of Cognex from $67.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Robert W. Baird set a $72.00 target price on shares of Cognex in a research report on Friday, May 8th. Finally, Wall Street Zen raised shares of Cognex from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $72.31.

Insider Buying and Selling

In other Cognex news, VP Laura Ann Macdonald sold 98,122 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $66.80, for a total transaction of $6,554,549.60. Following the sale, the vice president directly owned 5,258 shares of the company’s stock, valued at approximately $351,234.40. This represents a 94.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Darren Marc Long sold 20,252 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $66.34, for a total transaction of $1,343,517.68. Following the completion of the transaction, the vice president owned 3,990 shares in the company, valued at approximately $264,696.60. The trade was a 83.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 224,847 shares of company stock worth $14,975,098 over the last ninety days. 1.70% of the stock is owned by insiders.

Cognex Stock Up 6.0%

Shares of Cognex stock opened at $71.52 on Wednesday. The business has a 50-day moving average price of $64.88 and a 200 day moving average price of $56.69. Cognex Corporation has a fifty-two week low of $34.60 and a fifty-two week high of $72.88. The firm has a market cap of $11.90 billion, a P/E ratio of 85.14 and a beta of 1.49.

Cognex (NASDAQ:CGNX) last released its earnings results on Wednesday, May 6th. The scientific and technical instruments company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.09. Cognex had a return on equity of 10.89% and a net margin of 13.62%.The company had revenue of $268.44 million for the quarter, compared to the consensus estimate of $245.98 million. During the same quarter last year, the business posted $0.14 EPS. Cognex’s quarterly revenue was up 24.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Cognex Corporation will post 1.48 earnings per share for the current year.

Cognex Company Profile

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.