Cognex (NASDAQ:CGNX) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Cognex (NASDAQ:CGNX) from a strong‑buy to a hold, even though the consensus rating remains a Moderate Buy with an average price target of $57.00.
• Cognex beat Q results (EPS $0.27 vs. $0.22 expected; revenue $252.34M, +9.9% YoY) and analysts project about $0.61 EPS for the fiscal year; the stock trades near $54.64 with a $9.13B market cap.
• Insiders have been net sellers recently — 196,083 shares worth roughly $11.42M sold in the last 90 days — while insiders own 1.7% of the company and institutional ownership is about 88%.

Cognex (NASDAQ:CGNX - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts have also recently weighed in on the company. KeyCorp reissued an "overweight" rating and issued a $70.00 price objective (up from $50.00) on shares of Cognex in a research report on Friday, February 13th. Truist Financial lowered their price objective on Cognex from $45.00 to $42.00 and set a "hold" rating for the company in a research report on Thursday, December 18th. UBS Group restated a "buy" rating and issued a $70.00 target price on shares of Cognex in a research note on Friday, February 13th. Robert W. Baird set a $55.00 target price on Cognex in a research note on Tuesday, February 17th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $63.00 target price on shares of Cognex in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Cognex currently has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Cognex Price Performance

Cognex stock opened at $54.64 on Tuesday. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of 81.55 and a beta of 1.47. Cognex has a 1-year low of $22.85 and a 1-year high of $59.88. The business has a fifty day moving average price of $51.50 and a 200-day moving average price of $44.16.

Cognex (NASDAQ:CGNX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The scientific and technical instruments company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The firm had revenue of $252.34 million during the quarter, compared to analysts' expectations of $238.92 million. Cognex had a return on equity of 9.02% and a net margin of 11.51%.The business's quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. On average, equities research analysts anticipate that Cognex will post 0.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cognex news, Director Angelos Papadimitriou sold 4,150 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $55.58, for a total transaction of $230,657.00. Following the sale, the director directly owned 16,222 shares of the company's stock, valued at approximately $901,618.76. This trade represents a 20.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Laura Ann Macdonald sold 14,881 shares of the stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $57.16, for a total value of $850,597.96. Following the sale, the vice president directly owned 2,212 shares in the company, valued at $126,437.92. This represents a 87.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 196,083 shares of company stock worth $11,419,321 in the last 90 days. Insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Cognex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quent Capital LLC acquired a new stake in Cognex during the 3rd quarter worth about $26,000. REAP Financial Group LLC acquired a new stake in Cognex during the 3rd quarter worth about $27,000. Geneos Wealth Management Inc. grew its position in Cognex by 402.2% during the 1st 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 during the period. CIBC Private Wealth Group LLC grew its position in Cognex by 74.8% during the 3rd 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 during the period. Finally, First Horizon Corp acquired a new stake in Cognex during the 3rd quarter worth about $38,000. 88.12% of the stock is owned by institutional investors and hedge funds.

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.

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